earnings reports

World’s biggest caterer Compass says profits plunge on pandemic

Agence France-Presse

This is AI generated summarization, which may have errors. For context, always refer to the full article.

World’s biggest caterer Compass says profits plunge on pandemic

COMPASS GROUP. A signboard of the catering giant Compass is pictured outside its headquarters in Chertsey, England, on February 17, 2006.

File photo by Carl de Souza/AFP

London-listed Compass says the coronavirus pandemic forced the suspension of half its operations, but business has since improved

Britain’s Compass, the world’s biggest caterer, said on Tuesday, November 24, that annual net profit spiraled lower after the coronavirus pandemic temporarily shut half its operations.

Profit after tax slumped to £133 million ($177 million, 150 million euros) in the 12 months to September, compared with £1.1 billion a year earlier, Compass said in a statement.

The London-listed firm, whose main rival is Sodexo of France, said revenues tumbled by almost a fifth to £19.9 billion.

The food services sector has been ravaged this year by COVID-19 and global lockdowns that shut schools and company canteens around the world.

“We began the year on track to deliver our strongest performance ever,” Compass chief executive Dominic Blakemore said.

He noted however that containment measures to stop the virus then closed half the business in just a fortnight.

“Through the summer, our performance began to improve slowly as we helped clients in education and business and industry return to schools and offices safely,” Blakemore said.

“Importantly, in the [company’s] 4th quarter we returned the business to profitability.” – Rappler.com

Add a comment

Sort by

There are no comments yet. Add your comment to start the conversation.

Summarize this article with AI

How does this make you feel?

Download the Rappler App!