Vending

Compass Group PLC boosts FY 2023 results

Logo: Compass Group PLC

November 20, 2023

Compass Group PLC, the U.K.-based caterer that owns Compass Group North America and Canteen Vending Services, lifted its 2023 revenue and profit over the prior year, according to an earnings release. Highlights include:

• Organic revenue rose 18.8% from £26.4 billion ($33.02 billion) to £31.3 billion ($39.15 billion), balanced across all regions and sectors.
• Operating profit rose 29.6% from £1.637 billion ($2.05 billion) to £2.122 billion ($2.65 billion).
• Earnings per share rose 32.5% from 65 pence (81.16 cents) to 86.1 pence ($1.075).
• The company signed £2.7 billion ($3.38 billion) of new business.

Shares traded at $26.06 today against a 52-week range of $21.05 to $28.89.

"2023 was a strong year for Compass," Dominic Blakemore, group chief executive, said in the press release. "North America continued its long track record of excellent growth whilst Europe delivered a second year of net new growth in the 4%-5% range. During the year, we continued to successfully capitalize on the dynamic outsourcing trends, resulting in another record year of new business wins and continued strong client retention."

For its 2024 outlook, the company expects underlying operating profit growth towards 13% delivered through high single-digit organic revenue growth and ongoing margin progression.