BURY finance loan and mortgage provider Compass Finance Group is returning to profit after announcing a loss in its results for the year ending September 30.
Figures for the 12 months show that turnover was £14.3 million, considerably up from the previous figure of £8.57 million. However, Compass has reported a loss before taxation of £0.6 million, compared to a pre-tax profit of £1.52 million announced in 2004. This disappointment is tempered by the good news that the Group has returned to profit in the first two months since September.
Earlier this year, Compass relocated from its previous base in Rawtenstall to new premises at Castlebrook Business Parks Warwick House. The company employs more than 135 staff.
Commenting on the results, chief executive Mike Sutcliffe said: "This year under review has been a transitional one for Compass Finance.
"Improved underlying operational indicators demonstrate that the business is now in a strong position to return to a pattern of profits growth in both the current year and beyond. As a business, we look forward to 2006 with confidence."
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