Compass wins in the US despite basketball strike

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The Olympic caterer, which is cooking at the O2 Arena, Wembley Arena, Wimbledon, ExCel and Earl's Court for this summer's Games, had contracts at XX NBA stadia. But despite that setback, Compass still said growth in the US was the main reason for its 8% jump in revenues during the first quarter. The catering group - which employs 470,000 people around the world - thanked emerging markets including Brazil, Turkey, India, China and Russia for the rest of its growth. Business wasn't so great on this side of the pond. Compass said: "Volumes in Europe have continued to be impacted by the challenging economic environment in some countries."

The caterer ladles out more than four billion meals a year to schools, offices and the military, serving 140 hot drinks every second. "We have seen good levels of new business wins and the improved level of retention we achieved in the second half of last year has continued into the new financial year," the caterer added.

Compass last year took a £5 million hit on last year's profit due to the Japanese earthquake. Today it said "we are seeing a gradual return to normal activity."

Shares picked up 7.6p to 608.6p.