Compass: solid fare - FT.com Richard Cousins describes himself as a "miserable so-and-so" when it comes to costs. Just as well. Because as chief executive of Compass, the world's largest catering company by sales, solid performance is all about cost control. So Wednesday's first-half results - earnings per share up 10 per cent from a year earlier on 9 per cent revenue growth - were business as usual. For now, being a stickler for costs is doing the trick. Mr Cousins" strong record here has helped Compass shares to return 95 per cent over the past three years, more than twice the benchmark. And even as Europe's woes leave emerging markets to propel today's top-line growth, margins are holding up. Operating margins from providing food to oil rigs in the Gulf of Mexico and to soldiers on exercises in Thailand are 7.6 per cent - more than a 10th higher than in Europe and Japan (even before the earthquake). That is because Mr Cousins" strategy in growth markets is pinned on scaling up rather than being everywhere. Compass has halved the number of countries in which it is present since 2003 to just 50 today, 30 fewer than closest rival Sodexo. No wonder its margins are a quarter wider than Sodexo's. Still, the hitch for Compass could come from elsewhere. Organic sales at the group rose 5 per cent in the first half versus 6.4 per cent at Sodexo. The reason is because Sodexo is pushing into full on-site services (such as providing recycling and receptionists), sales of which are growing three times faster than in catering. Catering will remain the core of Compass's business, Mr Cousins insists. But Sodexo aims to have 35 per cent of sales from services outside of catering by 2015, from one quarter today. That may help Sodexo gain clients who want a one-stop shop. Investors should not forget Mr Cousins" solid record, but there are challenges ahead.