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
• 25 Nov 2009 - Eurest Services expands its £200m contract with Shell
• 20 Nov 2009 - Payne & Gunter re-awarded catering contract with Stationers' Hall
• 19 Nov 2009 - Compass backs junior chefs' academy
• 17 Nov 2009 - Electrolux Professional wins Compass Group award for innovation
• 05 Nov 2009 - ESS chefs win Best in Class at Combined Services Culinary Challenge 2009
• 27 Oct 2009 - Chef Gary Rhodes and Compass Group join forces
• 20 Oct 2009 - SO Deli receives further acclaim at IGD Food Industry Awards 2009
• 14 Oct 2009 - People 1st launches women in leadership initiative
• 29 Sep 2009 - Weak British pound helps Compass Group maintain profit
• 28 Sep 2009 - Compass Group brings Costa Coffee to the University of Warwick
• 28 Sep 2009 - Welsh Rugby Union signs new catering deal with Compass Group
• 22 Sep 2009 - Locally sourced British beef put on Compass menus
• 22 Sep 2009 - Contract caterers recognised in food industry awards shortlist
• 17 Sep 2009 - Compass creates new managing director role
• 28 Aug 2009 - Compass revamps ski village restaurant
• 17 Aug 2009 - Compass opens its first post office at University of Surrey

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