Compass, the world’s largest contract caterer, this morning reported a 13% increase in its full year underlying profit to £1bn. Revenue for the 12 months to 30 September increase by 7.6% to £14.5bn and it unveiled a pre-tax profit of £922m, ahead of expectations. The British company which feeds office workers, armed forces and cooks school lunches said it has returned to underlying revenue growth and had a strong pipeline of new business from recent contract wins. Compass, which counts London's O2 arena, and the Super Bowl among its clients, said it looked to exploit growth opportunities around the world after wining recent new contracts with the likes of Oracle, Virgin Media and Google. Richard Cousins, chief executive, said: “Looking forward, whilst economic conditions remain challenging, we are excited by the growth opportunities we have around the world and the new business pipeline is strong.”