Big buys boost for Compass

Several large acquisitions have helped boost turnover and profits at contract catering giant Compass.

In the 12 months to 30 September, turnover at the company increased by 22% to £10.6b, compared with £8.7b for the same period in 2001. Pre-tax profit increased by 50.4% to £382m, compared with £254m a year earlier.

Compass said the increases were caused by £1.1b of new business gains signed during the year and the acquisition of Seiyo Foods in Japan and Bon App‚tit Management in the USA.

Turnover in the UK increased by 11% to £2.7b during the period, with like-for-like turnover up by 7%. Compass said the like-for-like increase had benefited from the inclusion of three hotels that had previously not been included in its results.

Mike Bailey, chief executive, said: "We are on track to deliver at least 6% like-for-like turnover growth in 2003."