MyTravel reiterates FY pre-tax profits target |
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Published
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Wed, 01 Nov 2006 12:20
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LONDON - Holiday firm MyTravel Group revealed on Wednesday that it was on track to meet its full year forecasts, but said that it might not be able to meet the 3.5 percent operating margin target in the UK next year.
MyTravel said its forecasts for the current year remained unchanged at £40 million-£45 million. This compares favorably to the £17.4 million loss reported the last time on an operating profit of £55 million-£60 million.
If the forecasts bear out, this will be the company's first pre-tax profits report since 2001. But MyTravel said that UK winter trading was tough due to the continued terror threat. "While overall UK trading has improved in recent weeks, it has still not fully recovered from the events of this summer," MyTravel said in a statement. "If these conditions persist there could be a delay beyond 2006/07 in achieving our UK target."
The company is hoping to reduce its UK losses from £27.4 million last year to £10 million-£15 million in 2006. MyTravel said UK winter bookings had dipped by 9.5 percent. It added that it had reduced the costs in the hope of meeting its margins of 3.5 percent, but was banking on summer bookings to achieve this target.
Northern Europe targets appear to be more favorable with bookings down by 5.5 percent on 8 percent less capacity. MyTravel said it had sold 53 percent of its winter capacity. In North America bookings were up 3 percent, the firm report.
MyTravel will announce the full year results on December 14.
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