Compass, the world’s largest catering company, has focused on “controlling the controllable” in the first half of its financial year. Unfortunately, what it couldn’t control — the winter wave of Covid-19 and lockdowns that closed offices, schools and entertainment venues — cost it dearly. Revenue fell 32 per cent to £8.4 billion and pre-tax profit dropped 83 per cent to £133 million in the six months to the end of March.
However, Compass has been a well-run company for many years, and it acted quickly last year to shore up its balance sheet and cut costs in line with the reality of prolonged shutdowns and mass working from home. The company raised £2 billion of new equity in May 2020, scrapped its dividend, furloughed