Cost-cutting measures work as Compass Group profits rise

25th November 2009, 2:41pm

The world's largest contract caterer, Compass Group, has posted annual pre-tax profits of £773 million up 37% on the previous year describing its performance as “excellent”.

Chief executive Richard Cousins said a step change in operations had worked tremendously: "Compass has delivered an excellent performance in a challenging environment.

"Consistently high levels of net new business and a step change in operating efficiency, generating £161 million savings, have contributed to a further £100 million of profit growth…the pipeline of new business looks strong."

The financial statement showed like for like volumes in education, healthcare, defence, offshore and remote sites divisions remaining solid.

Compass said it will look to make its primary focus organic revenue growth. The company added that the biggest opportunity for the business going forward appears to be foodservice with soft support services "becoming an ever more important part of our business".

Related Articles:

• 17 Dec 2009 - Compass Group secures £25 million catering deal with Aviva insurance
• 14 Oct 2009 - People 1st launches women in leadership initiative

Click here to submit a comment!

Have your say!

To comment on this article, simply enter your name and email and send us your views. Please note that your comment will appear publicly below this article once it has been processed. For enquiries please email info@eatoutmagazine.co.uk.