The UK-based contract catering and foodservice group saw revenue growth exceed 10% in all three of its reporting segments over the last six months after exiting four underperforming markets
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Compass Group has exited Angola, Argentina, China and the UAE within the last six months | Photo credit: via Shutterstock
Compass Group has posted double-digit half-year revenue growth across all regions as it continues to consolidate its global portfolio to focus on core markets.
The UK-based contract catering and foodservice group achieved 11.2% year-on-year revenue growth in the six months ending 31 March 2024 to reach $20.9bn. Compass Group’s operating profit increased 18.7% to $1.4bn.
North America remains Compass Group’s largest sales market, generating 68% of total revenues at $14bn. Europe contributed 23% of the group’s revenues during the six months, at $4.8bn, with the Rest of the World segment posting $1.9bn (9%).
Compass Group further streamlined its portfolio during the period and exited four markets – Angola, Argentina, China and the UAE. Additionally, the business has agreed to exit Brazil subject to regulatory approval. Compass Group’s global footprint now comprises 33 markets.
“We have continued to refine our portfolio and increase focus on our core markets where we see significant growth opportunities. The group has built strong competitive advantages over the past few decades which are being replicated across all our regions,” said Dominic Blakemore, CEO, Compass Group.
Blakemore added that he expects Compass Group’s European business to grow further in the second half of the year following the acquisitions of German cooked and frozen meal manufacturer and supplier HOFMANNs and premium hospitality services group CH&CO in the UK and Ireland earlier this year.