Compass announces strong first half trading
Compass is hoping to save £20m this year thanks to its demerger from Granada, it announced today. It also said that the Forte Hotels auction, announced in October last year, has already raised £210m. Last week Compass sold the Cumberland Hotel in London to Japanese investment bank Nomura for £150m.
The company's interim results will be released on May 22, and it predicts its like-for-like UK sales in the first half of the year will grow by 5%. Like-for-like sales in the rest of the world are expected to see an 8% rise.
Compass has also signed lucrative new contracts recently including a £2m deal with Thomson Travel in Glasgow and a £1.3m agreement with the Royal Mint in Cardiff.
Michael J. Bailey, Compass' chief executive, says tradings for the first half of the year is "in line with expectations".