Vending
Compass Group posts strong HY 2022 results on COVID recovery
May 11, 2022
Compass Group PLC, which owns Canteen Vending Services Inc. in the U.S., reported revenue and earnings gains for the first half of 2022 driven by strong North America and Europe performance as the company recovers from the coronavirus pandemic, according to an earnings report. Highlights include:
- Revenue rose 37.9% from £8.4 billion ($10.36 billion) to £11.6 billion ($14.31 billion) on an underlying basis and a 36% gain from £8.4 billion ($10.36 billion) to £11.5 (%14.17 billion) on a statutory basis.
- Operating profit rose 134.5% from £87 million ($107.29 million) to £673 million ($829.95 million) on an underlying basis and 379% from £168 million ($207.04 million) to £638 million ($786.28 million) on a statutory basis.
- Underlying revenue for the half year reached 99% of its 2019 revenue.
- Earnings per share rose 183.2% from 9.5 pence (11.72 cents) to 26.9 pence (33.18 cents) on an underlying basis and 376% from 5.6 pence (6.9 cents) to 26.7 pence (32.93 cents) on a statutory basis.
Shares traded at $20.46 today against a 52-week range of $19.61-$24.12.
"We continue to recover strongly from the pandemic and have achieved the important milestone of revenue exceeding our pre-COVID level on a run rate basis," Dominic Blakemore, group chief executive, said in the press release. "We have seen a notable improvement in business and industry and education as employees return to the office and students to in-person learning."
The company is increasing its full year 2022 outlook for organic revenue from 20% - 24% to around 30%.
For an update on how the coronavirus pandemic has affected convenience services, click here.
