Worldwide catering group Compass showed no sign of global economic problems in reporting better-than-expected profits of 41 per cent.
On the back of strong public sector contracts, the world’s largest caterer reported healthy operating profits in the UK with an increase of £1 million to £54m in the six months to March 31.
Pre-tax profits of £387m represent a 38 per cent increase on the £289m it returned in the same half last year, £8m ahead of expectations. Revenue rose from £5.59 billion to £6.93bn.
The group, which has contracts with the Royal Mail, Asda and the Bank of England, lost revenue through the fall in hospitality employed by its corporate clients but gained several key contracts including several hospitals and the National Grid, which extended its foodservice contract at 12 sites.
Revneue generated through UK business fell from 17.3 per cent in 2008 to 13.5 per cent. North America now accounts for 44.5 per cent of revenues.
Overall, revenue came largely from contract retention with new business drawing in 8.5 per cent and like-for-like sales 1.1 per cent of growth.
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