StockMarketWire.com - Food services company Compass reported annual profit that more than doubled as cost cuts offset a fall in revenue owing to the due to the pandemic impact.

For the year ended 30 September 2021, pre-tax profit rose to £464 million from £210 million year-on-year, while revenue fell to £17.91 billion from £19.94 billion.

Looking ahead, the company said progress was expected to be weighted towards the second half of the year due to mobilisation costs and inflationary pressures.

Looking ahead, H1 FY22 underlying operating margin was anticipated to be over 6%, with an exit rate of about 7%, while organic revenue growth was expected to be in a range of 20% to 25%.

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