Compass points to impressive results

The group, which caters for a host of venues including the Jockey Club's racecourses, Chelsea football club and the Wimbledon tennis championships, also reported a slight acceleration in its rate of new business wins.

Compass grew interim profits by 14 per cent to 462m, while revenues on a constant currency basis were 0.9 per cent higher at 7.1bn.

As well as 18m of new business growth, which included a deal with UK insurer Aviva, the company said its operating margin continued to improve. Analysts upgraded their forecasts for 2010.

Investec Securities has pencilled in profits of 880m this year – up 20m on previous forecasts – and said the company held good medium-term growth prospects.

The company, which generates 43 per cent of revenues in North America, said operating profits in the UK and Ireland were flat at 54m after revenues dropped to 897m from 939m a year earlier.

It has continued to win new business in the sports and leisure sector, including a deal Sheffield United to provide both match and non-match day catering at Bramall Lane.