Trafalgar losses may top £30m

Trafalgar losses may top £30m

Trafalgar House is expected this week to announce first half losses far in excess of City expectations and possibly in excess of £30m. The losses for the six months to 31 March have been exacerbated by the fiasco over refitting work on the QE2 luxury liner. This is costing Trafalgar £7.5m in compensation payments to disgruntled passengers, as disclosed in Trafalgar's offer document for Northern Electric, published in January. The bid for the electricity company lapsed in March, and Trafalgar cannot renew its offer until allowed to do so by the Northern board.

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