British catering group Compass has today raised its 2024 profit and revenue forecasts for the second time this year despite easing prices, after new businesses helped it beat third-quarter revenue expectations.
The world's largest catering group now expects underlying operating profit to grow above 15% and organic revenue above 10% for the fiscal year ending September.
It had earlier said profit would rise towards 15% and revenue towards 10%.
Compass, which operates in more than 30 countries and caters the likes of Microsoft, Shell and Harvard Business School and events such as the Wimbledon tennis championship and Coachella music festival, reported a 10.3% rise in organic revenue for the quarter ended June 30.
Analysts had expected an organic revenue growth of 9.5% for the quarter, according to a company-supplied consensus.
Compass Group, which emerged as a much bigger business from the pandemic as companies turned to outsourcers to meet their canteen needs, has benefited from new businesses and a return to office despite food and labour inflationary headwinds.
