Skip to main content

Full year profits at Compass

 Full-year profits at Compass, the world’s largest catering group, rose 175 per cent to £1.5 billion in the 12 months to the end of September as workers returned to factories and offices and sports fans to stadiums.

Profits at Compass are now back above pre-Covid levels. Revenue over the period rose 37.5 per cent to £25.8 billion, up from £17.91 billion a year earlier. 

Alongside the full-year results Compass, which was forced to tap shareholders for £2 billion during the pandemic, announced plans to buy back a further £250 million shares in addition to a £500 million buyback announced earlier this year.

 Dominic Blakemore, chief executive, said: “Compass has emerged from the pandemic as a stronger and more resilient business.” 

 The company forecast that profit growth would be more than 20 per cent in 2023 and margins would be above 6.5 per cent.


  www.sba.tax              www.times.co.uk

Labels:

Comments

  1. Samantha21 November 2022 at 18:46

    Good to hear of businesses that have survived the pandemic and are stronger for it. To more news like this! And let's hope the growth goes on and spreads around to other industries as well. I hope the people working at Compass all feel this growth in their paychecks.

    ReplyDelete

Post a Comment

Cloud Bookkeeping

US FED rate rise.

  The US Federal Reserve officials have indicated that they plan to resume increasing interest rates to control inflation in the world's biggest economy. During the June meeting, the Federal Open Market Committee reached a consensus to keep interest rates stable for the time being to evaluate whether further tightening of policy would be necessary. However, the majority of the committee anticipates that additional rate increases will be required in the future. The minutes of the meeting have recently been made public. According to the minutes, most participants believed maintaining the federal funds rate at 5 to 5.25 per cent was appropriate or acceptable, despite some individuals wanting to raise the acceleration due to slow progress in cooling inflation. Although Fed forecasts predicted a mild recession starting later in the year, policymakers faced challenges in interpreting data that showed a tight job market and only slight improvements in inflation. Additionally, officials gr...
Post a Comment
Read more

EU business slide.

  S&P Global’s flash eurozone composite purchasing managers’ index, a key gauge of business conditions for the manufacturing and services sector, fell 1 point to 47.1, figures showed yesterday. That is its lowest level since November 2020 and the fourth consecutive month below the crucial 50 mark separating growth from contraction. One of the few bright spots in the survey was that companies in all sectors reported a slight easing of cost pressures, price growth and supply chain constraints. However, prices charged for goods and services still rose at the sixth fastest rate since such data started in 2002. Jobs growth increased marginally from October but remained low compared with the past 18 months. Following a few months of falling price pressure in manufacturing and services, the October print shows an overall stabilisation said Jens Eisenschmidt, chief European economist at Morgan Stanley. However, German businesses, at the hub of Europe’s energy crisis, reported that manu...
1 comment
Read more

Tariffs on UK electric cars.

  The European Commission has confirmed that it will continue with its plan to impose tariffs on electric cars exported between the UK and EU starting next year. This is due to the "rules of origin" requirement that mandates EVs traded across the English Channel to have 60% of their battery and 45% of their parts sourced from the EU or UK or face a 10% tariff. A senior Commission official, Richard Szostak, recently informed parliamentarians from the UK and EU that the bloc's battery investment has significantly declined, making the tariffs necessary to encourage domestic production. In 2022, the EU's share of global investment in battery production shrank from 41% to only 2% after the US offered substantial subsidies through its Inflation Reduction Act. Starting in 2024, car manufacturers in the UK will need to have 22% of their sales come from zero-emission vehicles, which means they may need to import EVs from the continent to meet this requirement. If EU carmakers ...
Post a Comment
Read more