Compass delivers dividend cheer however cautions over employee shortages and prices

Catering large Compass has restarted shareholder dividend payouts as annual income jumped increased due to easing pandemic restrictions, however the group cautioned over labour shortages and rising prices.

he world’s greatest caterer noticed pre-tax income greater than double to £464 million within the yr to September 30 from £210 million the earlier yr.

Outcomes have been bolstered by cost-cutting motion to climate the Covid-19 disaster, whereas revenues additionally recovered to 88% of pre-pandemic ranges by the fourth quarter as economies reopened.

Over the total yr, revenues fell 10.2% on a statutory foundation to £17.9 billion, or down 6.3% on an underlying foundation.

The group, which had put its dividends on maintain in April final yr when the pandemic struck, resumed payouts with an annual divi of 14p a share because it hailed document new enterprise wins of round £1.2 billion.

Meals catering demand has bounced again as universities and faculties have reopened for face-to-face instructing, whereas employees have additionally returned to workplaces and occasions are again on as soon as extra.

The group stated it was additionally seeing extra new enterprise as companies outsource their catering wants for the primary time in an try to chop prices.

However whereas the group painted an image of ongoing restoration, it additionally cautioned over the near-time pressures of inflation and employee shortages.

It stated progress on margins would possible be weighted in the direction of the second half of 2021-22 because it faces surging value pressures.

Shares dipped greater than 1% regardless of the divi cheer.

Compass stated: “There may be nonetheless some uncertainty within the macroeconomic setting, significantly because it pertains to labour shortages, inflation and the pandemic, which we count on to proceed to impression our enterprise within the nearer time period.

“That stated, the brand new enterprise pipeline continues to be sturdy and we stay very assured in the long run development potential of the group supported by thrilling vital structural market alternatives globally.”

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Written by bourbiza

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