Q1 2023 Compass Group PLC Trading Statement Call Transcript
Good morning, and welcome to Compass Group's Quarter 1 Trading Update Call. Hosting today's call will be Dominic Blakemore, Group Chief Executive Officer. This call is being recorded. (Operator Instructions)
I will now turn the call over to Dominic Blakemore. Please go ahead, sir. Thank you.
Thank you very much. Good morning, everyone. As usual, I'm here with Palmer, our CFO. We've had a good start to the year, and we're delighted by the continued strong performance of the business.
Group organic revenue increased by 24% as we continue to benefit from strong outsourcing trends and high client retention. Net new business growth was 5.5%, significantly above our historical rate of around 3% and in line with last year. And we're particularly pleased with the balance of growth with all regions growing at around the same rate. Our European business continues to perform well, benefiting from the increased focus on growth, supported by investments we've made in recent years.
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