Caterer Compass serves strong outlook as schools open, stadiums fill up By Reuters
(Reuters) -Compass Group, the world’s largest catering company, on Tuesday forecast fourth-quarter revenues slightly above expectations as sports fans throng stadiums again and students come back to campuses.
Compass reported that September has seen a strong return to schools and a rise in live attendance at major league baseball and Premier League games.
Compass remains cautious regarding its industry and business divisions, which serve office workers. There is uncertainty about the speed of workplace reopenings within its major markets.
The company expects fourth-quarter revenue to rise to 86% from 2019 levels. This is slightly higher than the company’s projection of 80% to 85 percent. According to Compass, which has operations in 45 countries around the world, full-year revenue can be expected at 76% of 2019,
Compass serves students, senior citizens, military personnel, and event attendees. It expects to have an underlying operating margin of 4.4% for the full year. Fourth-quarter margins will be in between 5.5% and 6%.
Compass (PA:), and France’s Sodexo(PA:) were more likely to have outsourced their services during the pandemic. This was because institutions faced with rising costs contracted large players in order to supply their food requirements.
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