25th Nov 2009 - 00:00
Abstract
The world's largest contract caterer, Compass Group, has posted annual pre-tax profits of £773 million up 37% on the previous year describing its performance as “excellentâ€.
Chief executive Richard Cousins said a step change in operations had worked tremendously: "Compass has delivered an excellent performance in a challenging environment.
"Consistently high levels of net new business and a step change in operating efficiency, generating £161 million savings, have contributed to a further £100 million of profit growth…the pipeline of new business looks strong." The financial statement showed like for like volumes in education, healthcare, defence, offshore and remote sites divisions remaining solid. Compass said it will look to make its primary focus organic revenue growth. The company added that the biggest opportunity for the business going forward appears to be foodservice with soft support services "becoming an ever more important part of our business".