Catering giant Compass close to achieving pre-pandemic revenue

Compass Group's quarterly revenue has almost returned to pre-pandemic levels, the world's largest catering company said on Thursday, as it benefits from new business and strong client retention. Compass said organic revenue in the first quarter ended Dec. 31 jumped nearly 39%, with total revenues reaching 97% of their pre-pandemic levels.

Compass Group's quarterly revenue has almost returned to pre-pandemic levels, the world's largest catering company said on Thursday, as it benefits from new business and strong client retention.

Compass said organic revenue in the first quarter ended Dec. 31 jumped nearly 39%, with total revenues reaching 97% of their pre-pandemic levels. Four out of five business sectors - including education, sports, and healthcare - exceeded their 2019 revenues. The British firm, which serves office workers, students, seniors in old-age homes, armed forces, and events attendees across 45 countries, said it expects to win more contracts as organizations battling higher costs look to big players for their food services needs.

Compass also confirmed it would return to pre-pandemic profit margins of about 7% by the end of the fiscal year, but said it was being cautious of any impact from the new COVID-19 variant. "We are mindful of some impact from the Omicron variant in Q2, with business & industry clients delaying their return to work, some sports & leisure events being postponed and education facilities extending remote learning," it said in a statement.

Last month, Compass's French rival Sodexo kept its full-year outlook even as it warned the return to remote work could hit volumes.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)