CMPGF - Compass Group PLC (CMPGF) Q3 2024 Sales Call Transcript
2024-07-23 09:11:02 ET
Compass Group PLC (CMPGF)
Q3 2024 Sales Call
July 23, 2024 04:00 ET
Company Participants
Dominic Blakemore - Chief Executive Officer
Petros Parras - Chief Financial Officer
Conference Call Participants
Jamie Rollo - Morgan Stanley
Vicki Stern - Barclays
Ivar Billfalk-Kelly - UBS
Kean Marden - Jefferies
Neil Tyler - Redburn Atlantic
Jaafar Mestari - BNP Paribas
Joe Thomas - HSBC
Presentation
Operator
Good morning and welcome to Compass Group Q3 Trading Update. Hosting today’s call will be Dominic Blakemore, Group Chief Executive Officer. [Operator Instructions] This call is being recorded. I will now turn the call over to Dominic Blakemore. Please go ahead. Thank you.
Dominic Blakemore
Thank you very much. Good morning, everyone. As usual, I am here with Petros, our CFO. We have had another strong quarter, with all regions performing well. We are particularly pleased with the acceleration in net new business, which is now in the middle of our range, with improvements in retention to about 96%. We are also continuing to see a positive trend in volumes. Industry trends remain very positive and we have an exciting pipeline of new business opportunities to support growth organically and through strategic M&A. As a result of the stronger-than-expected top line performance, we have upgraded guidance for the full year. We now expect underlying operating profit growth to be above 15%, driven by higher organic revenue growth of above 10%....
Compass Group PLC (CMPGF) Q3 2024 Sales Call Transcript