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Compass celebrates recovery with a buyback

The contract caterer is seeing a resurgence in volumes and encouraging new business wins
Compass celebrates recovery with a buyback
  • Net debt returns within target range
  • Strengthening volumes in North America

There was renewed appetite for shares in Compass (CPG), up by nearly 10 per cent on early trading, as the contract caterer revealed that business had largely recovered to pre-pandemic conditions, with half-year revenue exceeding the pre-pandemic level on a run-rate basis.

Organic revenue growth hit 37.9 per cent through the first half, with volumes recovering markedly in North America, accompanied by rising new business activity, and reflected most pointedly in the performance of the sports & leisure division. A company-wide net new business rate of 4.4 per cent, when rebased to 2019, compares favourably with the historical level of 3.0 per cent.  

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