The contract catering and foodservice group achieved double digit sales growth across its North America, Europe and Rest of World divisions during the period
Compass Group’s North America third quarter sales increased 14% while European sales grew 17% | Photo credit: Compass Group
Compass Group has posted strong third-quarter sales growth across all business divisions.
Reporting on the three months ended 30 June 2023, the UK-based contract catering and foodservice company achieved 15% group revenue growth, driven by 9% like-for-like volume growth, net new business growth of 5% and robust client retention.
Compass Group said North America sales increased 14% during the period while European sales grew 17%. The North American market currently contributes 66% of total revenues, with Europe at 23%.
Meanwhile, sales grew 20% in Compass Group’s Rest of World segment, which includes South America, Australasia and large parts of south- and southeast Asia.
Compass Group’s year-to-date revenues are 21% higher than for the same period in 2022.
The contract catering and foodservice company uses its own brand Peak St. and Crackle & Hum coffee ranges across most of its UK sites. The business also operates licensed Costa Coffee, M&S Food and Starbucks stores across UK hospitals.
In a statement accompanying the results, Compass Group said global outsourcing trends remain strong and are contributing to an exciting pipeline of new business opportunities across all regions.
In May 2023, the contract catering and foodservice group raised its revenue and operating profit growth forecasts for full-year 2023 to 18% and 30% respectively.
Compass Group’s sales reached £28.5bn ($33.7bn) in 2022, representing 98% of pre-pandemic levels.