Shareholders in the world’s largest catering group Compass are to receive a £1bn (€1.5bn) pay-out following the sale of the company’s European vending business, it emerged today.

Bathroom products distribution company Qualceram Shires has announced after-tax losses of €1.6m for the six months to the end of June. Losses for the same period last year were €3.7m.

The ISEQ index of Irish shares was up 34.21 points to 7939.08 after morning trade today.

The bathroom suite manufacturer and distributor Qualceram Shires has reported a pre-tax loss of €5.1m for 2005.