The contract catering and foodservice company cites record net new business, particularly in Europe, as driving 38% revenue growth over the last 12 months
Compass achieved revenue growth of 38% in the last 12 months to reach £28.5bn ($33.7bn) | Photo credit: via Shutterstock
Compass Group’s 2022 revenues have returned to 98% of 2019 levels, reaching 109% in the company’s fourth quarter.
Reporting on the 12 months ended 30 September 2022, the company achieved revenue growth of 38% to reach £28.5bn ($33.7bn).
The UK-based multinational contract foodservice company secured record net new business over the 12 months, with strong new client contributions notable in Europe and North America.
European sales grew 32% to £5.9bn ($7bn), driven by a 6% rise in net new business which accelerated in the second half of the year following strong performances in the UK, France and Germany.
Compass group said the current macroeconomic environment remains uncertain, but it forecasts 15% revenue growth in 2023, driven by strong performances in the first quarter.
“The Group’s performance surpassed our expectations both in terms of net new business growth and base volume recovery, with Business & Industry now operating above its pre-pandemic revenues. The strong growth trends seen in the first half have continued, with net new business accelerating through the year in all our regions.
“Compass has emerged from the pandemic as a stronger and more resilient business, reflecting our clear strategy and market-leading growth enablers. While the macroeconomic environment is uncertain, we are working in partnership with our clients to mitigate inflationary pressures and supporting our colleagues during this challenging period by offering financial support and other benefits,” said Dominic Blakemore, CEO, Compass Group.
Headquartered in Surrey, UK, Compass Group is one of the world’s largest contract foodservice companies with a presence across 40 countries.
The company provide food and support services across five market sectors: Business & Industry, Healthcare, Education, Sports & Leisure and Defence.