Compass Group sees profit rise 40%, but events still hard-hit

Compass Group, the world's largest food service company and owner of Leith's, Payne and Gunter and the Lime Venue Portfolio, saw a 40.1% rise in underlying profit before tax this year.

Compass
Compass

But the company expressed ongoing concerns over its events revenue stream.

"As expected, like-for-like revenue has continued to weaken in parts of the Business & Industry and Sports & Leisure sectors, as clients have reduced discretionary spend on event catering, corporate hospitality and headcounts," said the company in its financial statement.

The Compass Group said its profit before tax for the six months ending 31 March was £405m, compared with £289m a year earlier.

In March, Event reported the company, which has been hit by stock market instability, was freezing the pay of 1,000 of its senior management in its UK and Ireland business. Compass is reviewing the situation in July.

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