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Catering group ‘Compass’ says corporate hospitality spending cutbacks, job losses among clients and shorter working hours have its business extremely hard.
The financial deparment has reported that they will only be making a megere 1% profit this year. This new release alone has sent its shares to plummet more than 7%. Since the economy has slowed up there has been a rapid decline in profit. They have performed events for such clients as Asda and Royal Mail in the past. It also operates its catering service in another 55 countries.
Wedding caterers across the country have reported some sort of loss over the last financial year due to complete un-predictability of the economy. Private catering has definitely changed forever as the Compass group alone have said that they have seen its Business & Industry and Sports & Leisure units hit by the recession. Compass did announce that they saw minor growth patterns emerging from their education, defence and healthcare divisions.
It is a shame but the smaller industries such as the catering indutry will be affected big time by this hard hitting economy as corporations will be looking to cut back as much spending as physically possible. Any other day this would be considered as a luxury however the current economic climate is preventing these kind of expenditures. Instead, companies are having to focus on keeping their businesses alive rather than spend out on un-necessary expenses. Unfortunately, there is no more lavish meals at the expense of the company!
I wouldn't get your hopes up about seeing a dramatic rise in the economy just yet as it is very early days. Company budgets are unfortunately going to be extremely tight for the foreseeable future and the catering industry could still suffer during this very hard time indeed.

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