Compass Group shares marched higher as the world’s biggest catering firm bounced back from the pandemic

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Compass Group shares marched higher as the world’s biggest Catering Bekasi firm bounced back from the pandemic.

The stock rose 4 per cent, or 66.5p, to 1720p, its highest level since February 2020, just before the onset of the pandemic and lockdown measures sent shares plunging.

The surge came as Compass flagged that revenues for the three months to the end of December were at 97 per cent of 2019 levels after sales in the period jumped 38.6 per cent, well ahead of market forecasts.

Recovery: Compass Group stock rose 4%, its highest level since February 2020, just before the onset of the pandemic and lockdown measures sent shares plunging

Recovery: Compass Group stock rose 4%, its highest level since February 2020, just before the onset of the pandemic and lockdown measures sent shares plunging

Compass noted that revenues surpassed 2019 levels across all areas of its organisation except its business and industry unit.

The strong performance was led by its North American market, which generated revenues that were 102 per cent of the same figure pre-pandemic.

However, the first quarter of 2022 may see ‘some impact’ from the rise of the Omicron variant as corporate clients delayed their return to the office. 

It added the pandemic was causing some sports and leisure events to be postponed while several schools and other education facilities were extending remote learning. 

Despite this, the group reiterated its full-year guidance, predicting revenue growth of 20 per cent to 25 per cent.

<div class="art-ins mol-factbox floatRHS money" data-version="2" id="mol-b4e29c50-47dc-11ec-9a77-cf595fc01a8b" website REPORT: Compass Group points higher amid Covid bounceback

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