Recession puts the bite on Compass business

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The firm also blamed job losses and shorter working hours which has affected demand for meals at its business clients.

These include the Bank of England, Asda and Royal Mail, while and Compass also does catering at high-profile events such as Wimbledon.

Shares fell 27¼p to 325¼p.

The collapse in corporate work offset growth at Compass's education, healthcare and defence arms. The company provides food for schools, hospitals, the armed forces and prisons.

Compass, which operates in 55 countries, said that revenues in the nine months to the end of June rose 1.8%, a slowdown from the 3.6% for the six months to the end of March.

It warned that sales will slow further in the final quarter and predicted full-year revenue growth of 1%.

"The shares are off very heavily today," said analysts at Killik & Co.

"We view this as an attractive entry point to buy into a leading global player."