The multinational foodservice company, which has seen its contract catering services near 2019 trading levels, has increased its 2022 revenue guidance after doubling its net business growth
Compass Group said it is operating above pre-pandemic levels globally with net new growth at 6.9% | Photo credit: via Shutterstock
Compass Group has continued strong trading in 2022, posting third quarter revenue growth of 43.4%, an acceleration from 37.9% growth in the first six months of the year.
Reporting its results for the third quarter ending 30 June 2022, Compass Group said it is operating above pre-pandemic levels globally with net new growth at 6.9%, more than double its historical rate of 3%.
The UK-based contract foodservice company highlighted the recovery of its Business & Industry group, which provides contract catering services, as its most notable improvement in the last three months.
The division is operating at 97% of 2019 levels, a strong recovery given it was performing at 83% of pre-pandemic levels for the six months ended 31 March 2022.
Compass Group’s other four divisions, Defence, Healthcare, Sports & Leisure and Education, are all exceeding pre-pandemic trading levels at 122%, 120%, 119% and 110% respectively.
Given its strong third quarter performance, Compass Group has increased its revenue expectations from 30% to 35% for its 2022 financial year.
While remaining cautious of the current ‘challenging macroeconomic environment’, the company said it is seeking to capitalise on an expected increase in outsourcing opportunities moving forward.