Global contract catering giant, Compass Group has reported a vast 9.2% rise in pre-tax profit to £721m after exceptional items for the 12 months to 30 September 2013.
Revenue within the year was up 4.3% on an organic basis of £17.6bn. North America remains the company’s strongest performing market with a rise in revenue to £8.15m, up from £7.517m the year before. This was also thanks to a 8.8% rise in new business again in North America.
Conditions in Europe and Japan remain challenging with a joint group revenue of 34.4% compared to 36.9% in 2012. Revenue stood at £6bn- £6.2n in 2012- representing an organic fall of 3%.
Despite the though European market, Compass UK retained its prestigious contracts with the National Gris, the Jockey Club and Henley Royal Regatta.
Richard Cousins, group chief executive, said that Compass maintained good momentum during the year, adding: “High levels of new contract wins in North America and Fast Growing & Emerging have driven good organic revenue growth of over 4% and our operating margin has increased by 20 basis points to over 7% for the first time.
“Economic conditions in Europe & Japan remain challenging but the actions we've taken have enabled us to manage these and improve profit and margins. Looking ahead, I remain positive about the exciting structural growth opportunities in all of our markets and the potential for further progress.”