LONDON -- Compass Group PLC, the world's biggest contract foodservice provider and parent of Canteen Vending, saw fiscal 2011 net profits rise 8% and revenues increase by a similar percentage.
Earnings climbed to $1.14 billion in the 12 months ending Sept. 30 from $1.05 billion a year earlier. Revenues grew 9.4% to $24.7 billion in 2011.
North America, which the company described as "open to outsourcing," generated nearly $10.9 billion of its total revenue and was its biggest growth driver in 2011.
Growth in emerging markets also helped offset tough economic conditions in Europe and the devastating earthquakes and tsunami hit Japan in March, which Compass Group said impacted profits by about $23.4 million.
Compass has an upbeat outlook for the company and its possibilities for expansion.
"The group continues to make excellent progress, despite the headwinds of food cost inflation, an uncertain economic backdrop in parts of the world and the impact of events in Japan," said Compass Group chairman Roy Gardner. "Looking forward, Compass is well placed to exploit the significant growth opportunities that we see in many of our markets."
Separately, Compass announced the appointment of Dominic Blakemore as finance director and Gary Green and Andy Martin as chief operating officers. The new management structure puts Green in charge of North America; Martin will focus on Europe and Japan, while Compass chief executive Richard Cousins will oversee emerging markets.
Compass also announced plans for a $781 million buyback program. The stock will be repurchased over the next 12 months.