Contract caterer Compass Group today said its underlying revenues for the three months running up to June were up by 43.4 per cent compared to the previous year, on the back of strong growth across all regions and sectors of its business.
The growth saw the food service company’s revenues jump beyond levels seen before the pandemic, as Compass Group’s Q3 2022 revenues sat at rates 109 per cent of 2019 levels.
Compass Group serves food to office workers, the armed forces, and school children in 44 different countries, and provides catering for major sporting events such as Wimbledon.
The growth was driven by increased revenues in all of Compass Group’s regions, with particularly strong growth in Europe (41.9 per cent) and North America (49.7 per cent).
Higher revenues from Compass Group’s Sports & Leisure (142.7 per cent), Business & Industry (59.9 per cent) and Education (41.4 per cent) division all further bolstered the Chertsey headquartered firm’s business.
In line with the firm’s results, Compass Group said it plans to buy back 13.7m of its own shares from shareholders, at a total cost of £237m, as part of its £500m share buyback scheme.