Catering giant Compass has warned over a coronavirus hit of up to £225 million on half-year earnings as schools close and events are cancelled worldwide due to the outbreak (PA)Catering giant Compass has warned over a coronavirus hit of up to £225 million on half-year earnings as schools close and events are cancelled worldwide due to the outbreak. Shares in the firm – the world’s largest catering company – tumbled 16% as it said the “vast majority” of its sports and leisure and education catering services had been closed across continental Europe and North America. Its alert comes after the firm had already cautioned in February over a potential currency impact of up to £745 million on full-year earnings. But the group said at the time that cost-cutting was offsetting lower catering demand among business and industry clients in Europe. Compass is axing up to 4,000 jobs over the next two years amid the worsening outlook in Europe and Brexit uncertainty.

Source: Irish Independent March 17, 2020 10:07 UTC