Compass has unveiled a jump in revenues for the year as the catering giant was bolstered by food inflation and demand for its products.
The firm, which provides catering for universities and offices, told markets that revenues surged 21.8 per cent to £31bn in the year to September.
Despite surging food inflation, operating profit also leapt 26.1 per cent to £1.89bn. Its North American arm also performed particularly well with revenue up 23.1 per cent to £21bn.
For the year ahead, Compass said it was targeting underlying operating profit growth of 13 per cent.
The firm said: “Heightened client and consumer expectations and inflation have contributed to the acceleration of growth, particularly in the conversion of first-time outsourcing, and we have clear strategic priorities to capture these opportunities.”
Dominic Blakemore, group chief executive, continued: “The business is in great shape operationally and financially and well positioned for a more focused growth phase.”
“Despite some macroeconomic uncertainty, favourable market dynamics continue and, with a global market share of less than 15 per cent and around 50 per cent of the market still self-operated, we have an exciting structural growth opportunity.”
He added: “We are confident that the focus on our core markets, the ongoing investment in our market-leading offer and our proven processes will support high single-digit organic revenue growth in 2024.”