Q1 Trading Statement
Summary by AI BETAClose X
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5 February 2026 - Compass Group PLC, a global leader in food services, reports strong first quarter results for the period ended 31 December 2025, ahead of the Company's AGM at 10.30am today in London.
Strong start to the year, Vermaat acquisition completed
Compass delivered another quarter of consistent growth and strategic progress with organic revenue increasing by 7.3% in Q1.
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Q1 2026 |
Group |
North America |
International |
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Organic revenue growth1 |
7.3% |
7.3% |
7.1% |
We delivered strong performances across both regions and all sectors, with Sports & Leisure (S&L) and Business & Industry (B&I) remaining our fastest‑growing areas. B&I achieved double‑digit organic growth in North America, driven by robust first‑time outsourcing (FTO) wins and continued expansion within the technology sector.
Net new business growth was within the 4-5% range, underpinned by strong client retention above 96%. Pricing moderated as anticipated in a lower inflation environment, while volumes continued to contribute positively to growth.
Annualised new business wins totalled $4bn2, up 10% year on year, with nearly half generated from FTO.
Vermaat acquisition adds capability and talent in Europe
Compass completed the acquisition of Vermaat, a leading food services business in the Netherlands, for $1.7bn in December 2025. Vermaat strengthens Compass' position across multiple sectors in the Netherlands, France, and Germany with high quality food offers, strong retail expertise, and exceptional talent. Including Vermaat, total first quarter M&A investment was $1.9bn.
Compass to change LSE Trading Currency from GBP to USD
With effect from 1 April 2026, Compass intends to change the trading currency of its Ordinary Shares on the London Stock Exchange (LSE) from sterling (GBP) to US dollars (USD). This transition aligns the Group's share price trading currency with its reporting currency, reducing FX volatility in the share price and simplifying the investment case for global investors.
The change will not affect Compass Group's FTSE index inclusion or its LSE listing. Dividends will continue to be paid in sterling unless shareholders elect to receive them in USD.
Summary and guidance
Compass began the year with strong momentum across all regions and sectors, with S&L and B&I continuing to perform particularly well.
The strategic integration of Vermaat is now underway, providing us with additional capabilities and talent to further drive growth, as we replicate our proven and successful North America M&A blueprint in Europe.
We reaffirm 2026 guidance and continue to expect around 10% underlying operating profit growth (constant currency), driven by:
· Around 7% organic revenue growth
· Around 2% profit growth from M&A
· Ongoing margin progression
Dominic Blakemore, CEO of Compass Group, said:
"We have delivered a strong start to the year with broad based growth across every region and sector. The momentum in our B&I segment, particularly in North America, reflects the strength of our model and the value we continue to deliver for clients.
The acquisition of Vermaat expands our capabilities in key European markets and will further accelerate growth. With strong new business wins, disciplined execution, and a clear strategy, we remain confident in our outlook and our ability to drive sustainable, long-term value for shareholders."
Currency
If current spot rates were to continue for the remainder of the year, foreign exchange translation
would positively impact 2025 revenue by $630 million3 and operating profit by $33 million3.
Sectorisation deep dive next week
The Group will share a virtual deep dive on 9 February 2026 to outline its sectorisation strategy, including further detail on Vermaat and Compass' portfolio of brands.
1 Year-on-year change
2 Annual revenue of new business wins in the last 12 months
3 Based on spot rates as of 30 January 2026
Conference call
There will be a live Q&A session for sell-side analysts at 9.00am.
Please connect to the call at least 10 minutes prior to the start time by dialling:
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UK Toll Number: |
+44 (0) 33 0551 0200 |
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UK Toll-Free Number: |
0808 109 0700 |
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US Toll Number: |
+1 786 697 3501 |
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US Toll-Free Number: |
+1 866 580 3963 |
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Please reference COMPASS |
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Financial calendar
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Half year results Q3 trading update Full year results |
11 May 2026 21 July 2026 24 November 2026 |
Enquiries
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Investors |
Agatha Donnelly, Simon Bielecki |
+44 1932 573 000 |
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Press |
Amy Shields, Compass Group Tim Danaher, Brunswick |
+44 1932 573 000 +44 207 404 5959 |
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Website |
www.compass-group.com |
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Forward-looking statements
Certain information included in this Announcement is forward looking and involves risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed or implied by forward-looking statements. Forward-looking statements cover all matters which are not historical facts and include, without limitation, the direct and indirect future impacts and implications of: public health crises on the economy, nationally and internationally, and on the Group, its operations and prospects; risks associated with changes in environmental scenarios and related regulations including (without limitation) the evolution and development of the global transition to a low carbon economy (including increasing societal and investor expectations); disruptions and inefficiencies in supply chains (such as resulting from the wars in Ukraine and the Middle East); future domestic and global political, economic and business conditions (such as inflation or the UK's exit from the EU or changes in global trade policies and conditions); projections relating to results of operations and financial conditions and the Company's plans and objectives for future operations, including, without limitation, discussions of expected future revenues, financing plans and expected expenditures and divestments; risks associated with changes in economic conditions, levels of economic growth and the strength of the food and support services markets in the jurisdictions in which the Group operates; fluctuations in food and other product costs and labour costs; prices and changes in exchange and interest rates; and the impacts of technological advancements.
Forward looking statements can be identified by the use of forward-looking terminology, including terms such as 'believes', 'estimates', 'anticipates', 'expects', 'forecasts', 'intends', 'plans', 'projects', 'goal', 'target', 'aim', 'may', 'will', 'would', 'could' or 'should' or, in each case, their negative or other variations or comparable terminology. Forward-looking statements Forward-looking statements in this Announcement are not guarantees of future performance. All forward-looking statements in this Announcement are based upon information known to the Company on the date of this Announcement. Accordingly, no assurance can be given that any particular expectation will be met and readers are cautioned not to place undue reliance on forward-looking statements when making their investment decisions. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation or warranty that such trends or activities will continue in the future. Other than in accordance with its legal or regulatory obligations (including under the UK Listing Rules and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority), the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Nothing in this Announcement shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws.
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