LONDON: Compass, the world’s biggest caterer, said Wednesday that first-half net profits sank on pandemic fallout, but forecast a gradual recovery in activity as vaccinations pick up speed.

Profit after tax dived to £100 million ($141 million, 116 million euros) in the six months to the end of March, Compass said in a results statement.

That compared with £586 million in the same part of the prior financial year.

The London-listed firm, whose main rival is Sodexo of France, added that revenues collapsed by almost a third to £8.4 billion.