THE "world's largest food services provider" said it reported record new business growth as demand for business and sports catering rebounded following the impact of the pandemic.

Compass revealed that profits almost trebled over the past year after its recovery surpassed expectations.

Revenues surged by 42.5% to £25.5 billion for the year to September 30, compared with the same period last year.

As a result, statutory pre-tax profits leapt to £1.5 billion from £545 million a year earlier.

Compass said it also benefited from lower exceptional costs after the firm had been impacted by £157 million of Covid-19-related "resizing costs" in the previous year.

Dominic Blakemore, group chief executive of Compass, said: "The group's performance surpassed our expectations both in terms of net new business growth and base volume recovery, with business & industry now operating above its pre-pandemic revenues.

"The strong growth trends seen in the first half have continued, with net new business accelerating through the year in all our regions.

"Our clients are continuing to face operational complexities and inflationary pressures, which are driving increased outsourcing, and we are successfully capitalising on the resulting growth opportunities.

"While the macroeconomic environment is uncertain, we are working in partnership with our clients to mitigate inflationary pressures and supporting our colleagues during this challenging period by offering financial support and other benefits."

Scottish tech firm’s Texas acquisition signals further expansion

FOR the chief executive of Probe Test Solutions (PTSL), the Hamilton-based maker of automated test equipment (ATE) probe cards, the recent completion of the acquisition of a Texas-based manufacturer is the latest stage of a journey that started as an apprentice technician in East Kilbride and led to him setting up his own business in 2009.

Jordan Mackellar, speaking on yesterday’s Go Radio Business Show with Hunter & Haughey, revealed how the acquisition of Dallas-based ThinkMEMS, a provider of high-performance contactors and antennas for RF test applications, started in 2017 when he attended an industry conference and was introduced to the technology that is used, for example, in Wi-Fi, Bluetooth and satellite communications systems.

Go Radio Business Show to broadcast live from Scottish EDGE finals

PHILANTHROPIST and entrepreneur Sir Tom Hunter has revealed that the Go Radio Business Show with Hunter & Haughey is going on the road.

Sir Tom told listeners on yesterday’s show that the “board you can’t afford” segment of the popular show would be in situ at the finals of the Scottish EDGE business competition, this year taking place at the Royal Bank of Scotland’s campus at Gogarburn, near Edinburgh, on December 6-7.

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