The Compass Group has announced that its operating profit for the year ending 30 September 2021 increased by 85.4% to £545m from £294m in FY20.
The company said this reflects actions taken to “control the controllable”, including resizing the cost base and improved cost control.
Meanwhile, the company’s statutory revenue fell by 10.2% to £17.9bn, compared to £19.9bn in 2020, and the Compass Group said this is due to the pandemic’s continuing impact on its operations.
The group also saw record new business wins of £2.1bn, with approximately half from first time outsourcing and client retention of 95.4%. Its operating margins also went up to 3% compared to FY20 levels of 1.5%.
Dominic Blakemore, group chief executive, said: “Our strong financial recovery in 2021, including record new business wins and client retention, is a credit to our teams’ exceptional resilience, dedication and expertise in extraordinary circumstances.
“Looking ahead, we are now focused on growth, driven by encouraging market trends and our ability to provide more bespoke, digital and sustainable solutions that meet the evolving needs of clients in a post-pandemic world.”
He added: “As we emerge from the pandemic, our strategic focus is on sustained growth for the future, to enhance our competitive advantages and further strengthen our position as an industry leader in food services.”