5th Feb 2009 - 00:00
Abstract
Compass Group, the world's largest catering company, has said that despite the economic climate, the first quarter of the financial year was very good.
In its interim management statement the contract catering giant said that new business is running at a similar level to last year adding: "Whilst, as expected, there has been some weakness in like-for-like volumes in parts of the Business & Industry and Sports & Leisure sectors, the Education, Healthcare and Remote sites continue to make good progress." Compass said it continues to drive cost efficiencies through its MAP framework. In the UK the company highlighted that restructuring is paying off: "Overall, revenues are, as expected, at similar levels to first three months of last year. Despite the challenges of the UK economy, the business is benefiting from the significant restructuring that has taken place in recent years." Compass Group is the largest foodservice company in the world, operating in 55 countries with annual revenues of over £11 billion.