Compass Group PLC (LSE:CPG) grew revenues by almost a quarter in the final three months of 2022 as all regions picked up and outsourcing of catering gathered pace again after Covid.
Organic revenue growth was 24% in the three months to end-December, the caterer’s first quarter, with net new business growth of 5.5%, which Compass said was “significantly” above the historical rate of around 3% and on par with fiscal 2022.
Business & Industry was especially strong, it added, as staff returned to offices, and in Sports & Leisure, where participation rates remained high.
Inflation pressures are being mitigated by appropriate pricing, said the FTSE 100 group.
Revenue growth was 23% in North America, 26% in Europe and 27% in the Rest of the World.
Currency is also helping and at current rates Compass expects a revenue gain of £1.3bn and £94mln boost to operating profit.
“The outsourcing market remains strong,” said the statement and “we are excited about the significant growth potential across our markets", adding it is maintaining its guidance for the year.
"We expect operating profit growth above 20% on a constant currency basis, organic revenue growth of around 15%, weighted towards the first half of the year, and an underlying operating margin above 6.5%.”