International catering firm Compass has lifted revenue guidance after profit more than doubled in the first half of the year.
Shares have jumped 11 per cent this morning after group chief executive Dominic Blackmore said expectations for full year revenue growth have been increased from 20-25 per cent to 30 per cent.
In a set of financials published today, Compass revealed that profit climbed 135 per cent to £673m in the first half of the year amid a post-Covid rebound.
“We continue to recover strongly from the pandemic and have achieved the important milestone of revenue exceeding our pre-COVID level on a run rate basis,” said Blackmore.
While Blackmore said the company is “mindful” of challenges presented by “global inflationary pressures,” which have been exacerbated by the Ukraine crisis, he stressed that the company’s growth in key markets will help it withstand headwinds.
The UK headquartered firm has made successful inroads into the US market which generated 66 per cent of company revenue over the period. Shareholder earnings almost tripled, with investors treated to a payout of 26.9p per share – up from 9.5p in the first half of 2021.