MyTravel reports first FY profits since 2001 |
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Published
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Fri, 15 Dec 2006 15:25
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LONDON - British holiday company MyTravel has reported full year profits for the first time since 2001 following its decision to cut costs as well as the number of holidays sold by it. MyTravel reported a pre-tax profit of £43.8 million in the year ending October 31.
The group was able to cash in on a booming Northern European market, which made up for the UK market slowdown. However despite good results, MyTravel warned that market conditions were tough as internet-based and budget companies offered it fierce competition.
Meanwhile MyTravel also reported that the move to acquire rival First Choice was just one of a number of avenues that it was exploring. "The possible acquisition of First Choice's Mainstream business and certain related operations is one of a number of opportunities we are evaluating," said a statement issued by Chief Executive Peter McHugh.
He added that the return to profitable ways was a welcome trend. "MyTravel's return to profitability marks a significant milestone in the turnaround of the group. We are particularly pleased with the 20 pct improvement in operating profits in what has clearly been a difficult year for the travel industry," he opined.
In September MyTravel had issued a warning that terror fears were keeping holidaymakers away. In November it had issued an optimistic outlook saying it expected to record profits between £40 million and £45 million.
Shares in MyTravel closed at 223-1/2 pence on Wednesday.
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MyTravel reiterates FY pre-tax profits target 