Vending
Compass Group lifts 2022 sales and profits, surpasses 2019 levels
November 21, 2022
Compass Group, which owns Compass North America and Canteen Vending Services Inc. in the U.S., boosted its 2022 revenue and profit over the prior year, surpassing expectations and exceeding 2019 levels, according to an earnings report. Highlights include:
- Underlying revenue rose 42.1%, from £18.14 billion ($21.39 billion) in fiscal 2021 to £25.77 billion ($30.38 billion) in fiscal 2022.
- Profit rose from £357 million ($420.93 million) to £1.117 billion ($1.32 billion) in the comparative years.
- Both basic and diluted earnings per share rose from 20 pence (23.64 cents) to 62.2 pence (73.53 cents).
- Organic revenue rose 37.5%.
- In Q4 2022, group revenue was at 116% of 2019 revenue, with business and industry at 106%.
- North America underlying revenue rose 54%, from £11.17 billion ($13.17 billion) in 2021 to £17.14 billion ($20.21 billion) in 2022.
- Europe underlying revenue rose 27.9%, from £4.64 billion ($5.47 billion) to £5.94 billion ($7 billion) in the comparative years.
- Rest of world revenue rose 16% from £2.35 billion ($2.77 billion) to £2.69 billion ($3.17 billion).
"The group's performance surpassed our expectations both in terms of net new business growth and base volume recovery, with business and industry now operating above its pre-pandemic revenues," Dominic Blakemore, group chief executive, said in the press releases. "The strong growth trends seen in the first half have continued, with net new business accelerating through the year in all our regions. Our clients are continuing to face operational complexities and inflationary pressures, which are driving increased outsourcing, and we are successfully capitalizing on the resulting growth opportunities."
