Compass Group’s quarterly revenue has almost returned to pre-pandemic levels, the world’s largest catering company announced on Thursday, as it benefits from new business and strong client retention.
Compass noted that organic revenue in the first quarter ended 31 December jumped by nearly 39%, with total revenues reaching 97% of their pre-pandemic levels.
Four out of five business sectors – including education, sports and healthcare – exceeded their 2019 revenues.
‘Expects To Win More Contracts’
The British firm, which serves office workers, students, seniors in old-age homes, the armed forces, and events attendees across 45 countries, noted that it expects to win more contracts, as organisations battling higher costs look to big players for their foodservice needs.
Compass also confirmed that it would return to pre-pandemic profit margins of about 7% by the end of the fiscal year, but noted that it was being cautious of any impact from the new COVID-19 variant.
‘We are mindful of some impact from the Omicron variant in Q2, with business and industry clients delaying their return to work, some sports and leisure events being postponed, and education facilities extending remote learning,’ it noted in a statement.
Last month, Compass’s French rival, Sodexo, kept its full-year outlook, even as it warned that the return to remote working could hit volumes.
Compass Group Ireland
Compass Group Ireland announced its plans to launch its first fully ‘frictionless’ checkout-free store in a workplace in early 2022.
The Irish store – a first for the foodservice sector – is set to open in Dublin in the forthcoming weeks and will be followed by sites in the UK during 2022.
Frictionless units will be established within corporate clients’ offices, as well as in the sports and leisure sectors, the company noted.
The new stores will utilise AiFi’s AI-powered computer vision technology, which allows shoppers to purchase items in store without having to wait in line or stop to scan or pay.