The contract catering and foodservice company says a widespread return to offices is generating new business opportunities around the world is forecasting further growth in 2023
Compass Group forecasts revenue growth of around 15% for full-year 2023 | Photo credit: via Shutterstock
UK-based Compass Group has reported strong growth across all regions in its first quarter as it seeks to sustain its current high rate of client acquisitions.
Reporting on the three months ended 31 December 2022, Compass Group achieved revenue growth of 24%.
The multinational contract foodservice company said sales were driven by a 5.5% increase in net new business, ‘significantly above’ its historical rate of around 3%.
Compass Group performed strongly across all regions in the quarter, with sales growth of 26% in Europe attributed to Compass Group’s increased focus on client growth and retention.
Revenues increased 23% in North America and 27% in Compass Group’s ‘Rest of World’ category, which includes Angola, Argentina, Australia, Brazil, China, India, Japan and Turkey.
Like for like sales were particularly strong in the group’s Business & Industry segment following the continued return to office working across its main markets.
The company forecasts revenue growth of around 15% for full-year 2023.
Compass Group is one of the world’s largest contract foodservice companies with 55,000 client locations across 40 countries. The company achieved revenues of £28.5bn ($33.7bn) in 2022, with sales returning to 98% of 2019 levels.