Compass Group Q1 Organic Revenue Up 24%; Says Remains Positive For FY23

Compass Group Plc (CPG.L,CMPGF.PK), a British food services provider, reported that its organic revenue for the first quarter increased by 24%.

The company continued to benefit from strong outsourcing trends with net new business growth of 5.5%, significantly above historical rate of around 3%, and in line with 2022, Compass Group said in a statement.

The company noted that all regions performed strongly in the quarter, with organic growth of 23% in North America, 26% in Europe and 27% in Rest of World.

The company said it remains positive for fiscal year 2023 and reiterated its guidance. It expects operating profit growth above 20% on a constant currency basis, organic revenue growth of around 15%, weighted towards the first half of the year, and an underlying operating margin above 6.5%.

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