LONDON, UNITED KINGDOM — Britain’s Compass, the world’s largest caterer, on Monday said annual profits had tripled as companies switched to outsourcing meals in the face of soaring inflation and energy costs.

Profit after tax jumped to £1.1 billion ($1.3 billion) last year also on easing pandemic curbs, Compass said in an earnings statement. That compared with a net profit of £357 million in 2021.

Revenues surged almost 43 percent to £25.5 billion, as more companies decided to outsource their catering needs for the first time.

“The group’s performance surpassed our expectations,” said chief executive Dominic Blakemore, citing “strong” growth in new business.

“Our clients are continuing to face operational complexities and inflationary pressures, which are driving increased outsourcing.”

Compass has emerged “as a stronger and more resilient business” in the wake of the Covid pandemic, he added.

With global inflation at the highest levels in decades on soaring energy and food bills, companies are attempting to save cash by outsourcing to contractors.

But Blakemore also cautioned over the “uncertain” economic outlook with the UK economy currently mired in a recession, according to the government.

Yet Compass forecast that underlying operating profit would grow by more than 20 percent next year.

Its share price sank by about three percent in morning deals on London’s falling stock market as many investors opted to take profits from recent gains.