Dominic Blakemore, Group Chief Executive, said:

'During the first half of this financial year, by controlling the controllable, we delivered continued margin progression, strong cashflow and excellent client retention. This was despite further lockdowns and limited volume recovery.

With the gathering pace of vaccination rollouts across our major markets, we are working closely with our clients to prepare to reopen their sites safely, although the picture across the world remains mixed. Whilst we expect any revenue recovery to be gradual, we remain confident in our ability to return to a Group underlying margin above 7% before we return to pre COVID volumes.

Over the last six months, the 'flight to trust' continued as clients sought quality partners with health and safety expertise, supply chain resilience, and financial stability. As a result, new business wins have increased due to the acceleration of first time outsourcing, which now accounts for about half of our growth. We remain committed to supporting future growth by investing in attractive opportunities to enhance our competitive advantages and further consolidate our position as the industry leader in food services.

Throughout the pandemic, we continued to develop our digital culinary platforms. These concepts complement the traditional on-site restaurant and now provide us with a variety of solutions from which to create a truly bespoke client offer. Along with digital innovation, COVID has also heightened client focus on diversity and inclusion and decarbonisation initiatives, reflecting and reinforcing our own strategic framework of People, Performance and Purpose. In the past week our UK and Ireland region has announced its commitment to be Net Zero by 2030, while today we are also announcing that the Board has decided to repay the funds our employees benefited from in the half year under the UK Government's Coronavirus Job Retention Scheme.

We are now a stronger, more agile business with new client propositions, improved digital capability and a more flexible cost structure. These factors, underpinned by a robust balance sheet, have created a strong platform from which the business will continue to recover and grow. In the longer term, we remain excited about the significant structural growth opportunities globally, the potential for further revenue and profit growth and shareholder returns over time.'

Results presentation today

A recording of the results presentation for investors and analysts will be available on the Company's website today, Wednesday 12 May 2021, at 7.00 am. There will be a question and answer session at 8.00 am, accessible via the Company's website, www.compass-group.com, and you will be able to participate by dialing:

UK Toll Number: +44 330 336 9105
UK Toll-Free Number: 0800 358 6377

US Toll Number: +1 323 794 2093
US Toll-Free Number: +1 866 548 4713

Participant PIN Code: 3024541

Please connect to the call at least 10-15 minutes prior to the start time.

Enquiries

Investors
Agatha Donnelly & Helen Javanshiri
+44 1932 573 000

Press
Tim Danaher & Fiona Micallef-Eynaud, Brunswick
+44 2074 045 959

Website

www.compass-group.com

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Compass Group plc published this content on 12 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2021 06:05:02 UTC.