Compass Group PLC

thank you george good morning and welcome to our q1 trading update as usual petros is alongside me we've had a strong start to the year with organic revenue growth over nine percent net new business remains excellent and accounts for about half of our growth supported by strong client retention outsourcing and industry trends remain extremely positive underpinning our exciting growth momentum New business signings over the last 12 months reached another high of $3.6 billion on an annualized basis. And our pipeline is the strongest it's ever been. You've seen we're also continuing to invest in attractive growth opportunities. And for the year to date, we spent around $1 billion on M&A, mostly on DuPont in France and for service in Norway. They're fantastic businesses with strong management teams, which further enhance our capabilities and sectorization. helping to unlock new market opportunities. Our 2025 guidance remains unchanged. We expect to deliver high single-digit underlying operating profit growth in constant currency, with organic revenue growth above 7.5% and ongoing margin progression. So in summary, we're really pleased with our start to the year as we continue to deliver on our strategic priorities. The business is in great shape and we're really excited about the future. Thank you. Now over to the operator and we'll take your questions.

Thank you very much, sir. Ladies and gentlemen, as a quick reminder, if you wish to ask any questions, please press star 1 on your double keypad. Our first question this morning is coming from Jamie Rollo, calling from Morgan Stanley. Please go ahead. Your line is open, sir.

Thanks. Good morning, everyone. Three questions, please. First, net news sounds like it's around sort of 4.5% or so, obviously a very good number. A bit of a slowdown, though, from Q4's 5% or a bit more, I think it was. Has it slowed? And if so, why? Because the ARO and the retention numbers do sound very good. Secondly, again, probably nitpicking a bit, Europe, again, a good number, 8.5% or so, but I think Q4 was up about 11%. Is there any sort of weakness in BNI or the macro side behind that, or is that just sort of phasing, etc.? ? And then finally, a more general comment on the new U.S. administration. Any sort of impact from tariffs? I think one of your competitors talked about maybe a 30 basis point margin hit or indeed from the immigration policies on labor costs. Thank you.