Compass Group HY profits surpass £1bn
The group also announced that it is to report in US dollars from 1 October 2023 to align with its business exposure and reduce foreign exchange volatility on earnings
The Compass Group has announced that its profits have surpassed £1bn for the six months ended 31 March 2023.
This number is up from £744m in the same period last year which is an increase of 41.1%.
The company also posted revenues of £15.8bn, an increase of 24.7% on the £12.6bn in revenues it posted in the same period in 2022.
Compass stated that this growth was down to balanced growth across all regions with very strong performance in Europe and maintaining a strong client retention rate.
The group has raised its expectation for FY23, and now anticipates operating profit growth towards 30%, up from 20%.
Dominic Blakemore, group CEO, said: “The group performed strongly in the first half of the year, benefiting from balanced growth across all regions. Net new business continued to be excellent, and significantly higher than our historical rate. We are particularly pleased
with the step change in our Europe performance which has benefited from growth initiatives as well as favourable outsourcing conditions.
“Despite pockets of macroeconomic weakness, the outsourcing market remains very attractive. We believe that many of the complexities that drive outsourcing, such as increased regulation, changing client and consumer expectations, and inflation, are here to stay. With our strong cash generation, we continue to invest in our business and evolve our operating model, further enhancing our scale and competitive advantage.”
The group also announced that it is to report in US dollars from 1 October 2023 to align with its business exposure and reduce foreign exchange volatility on earnings.
