For those of you following our investment strategy after the sale of our freehold hotel properties, an update on one of our key holdings last week from Compass Group the UK's largest catering organisation operating in 50 countries

Compass has delivered another good performance in the fourth quarter of the financial year with further strong growth in its North America & emerging regions and a continued improvement in Europe and Japan. Organic revenue growth in the year has been driven by strong levels of new business gains, good retention rates and inflationary price increases. For the full year, organic revenue growth at constant currency is expected to be 4 per cent and the operating profit margin is expected to increase by 10 basis points.

Compass continues to grow at a healthy rate and justifies our increased investment in the past six months. With its world wide operations it gives a solid base for future profits and increasing dividends.

The potential for this successful food and support services company, with its base in Chertsey, Surrey remains excellent in all of its activities.