Chertsey, England-based Compass Group PLC, a multinational contract foodservice company and owner of Canteen Vending Services, issued a trading update ahead of its annual general meeting held online on Feb. 4.
The foodservice giant, which owns Compass Group USA, reported improved performance in the first quarter of fiscal 2021, compared with the fourth quarter of fiscal 2020. Compass said organic revenue for the quarter, ended Dec. 31, dropped 33.7%, compared with a 34.1% decline in the preceding quarter, whereas its underlying operating margin improved to 2.7% from 0.6%.
In November, Compass reported results for its 2020 fiscal year, ended Sept. 30, which had revenues £20.2 billion, compared with £24.8 billion in 2019, a 19% decline. Operating profit for the year was £561 million, compared with £1,852 million in 2019, an almost 70% decline.
The company's 2020 results were significantly impacted by the coronavirus lockdowns that begin in March to contain the spread of Covid-19, which closed half of Compass’s business.