Mytravel shares fall [Archive]

Harrier46

24th Mar 2004, 08:01

A 5p drop for MYT is a much larger percentage than 12p for Easyjet but they will probably creep up again, as they have before. Looks like they will survive, as have Marconi, British Energy, Invensys and a few others recently which have been in similar positions. But obviously all the bad publicity and now talk of restructuring pushes down the price. They may be turning round the business but the debt mountain can only be addressed by restructuring and possibly a rights issue. Until then any earnings go straight to the banks.

kiltedrebel

24th Mar 2004, 21:22

Also bear in mind chaps that the shares were MyTravel group not just the airline, which I must add are way up on bookings for the summer. Just try and book on-line.

kishna

25th Mar 2004, 07:57

Where have the booking figures been published. All I've heard (from the AGM), is that 'bookings are in line with expectations'.

k

Major Cong

25th Mar 2004, 14:54

From Travel Trade Gazette

March 19th 2004 -04:36 PM
Operators sold 14 per cent more summer 2004 holidays through high street agencies in February compared with the same month a year earlier – but cumulative shop sales are 14 per cent down on 2003.
Holidays sold through direct channels were one per cent up in February, but remain two per cent behind last year’s levels for the summer season to date.
ACNielsen figures show Thomas Cook sold 26 per cent more holidays through shops last month, while TUI, First Choice and MyTravel posted rises of 16 per cent, 11 per cent and one per cent respectively.
First Choice sold seven per cent more holidays through direct channels in February, Thomas Cook was up by six per cent and TUI an extra 11 per cent, while MyTravel’s figures were down by 27 per cent.
Total holiday sales for the big four were nine per cent up last month, but the market is still cumulatively 12 per cent down.
First Choice sold 110,000 holidays against MyTravel’s 147,000, Thomas Cook’s 139,000 and TUI’s 182,000.
February revenues were up 15 per cent thanks to an average selling price of £563 compared with £534 last February, but cumulatively revenues are three per cent down despite the average selling price for the season to date being £594 against £539 in 2003.
In retail, First Choice shops sold 56,000 holidays in February, up 27 per cent on the same month the previous year; MyTravel shops sold 91,000, up six per cent; Thomas Cook shops sold 100,000, up 13 per cent; TUI shops sold 130,000, up 20 per cent; and the Co-ops sold 84,000, up 25 per cent.
But cumulatively, First Choice shops are still two per cent down, MyTravel outlets are 47 per cent down, Thomas Cook shops are one per cent down, TUI shops are level and Co-ops are one per cent ahead.
February saw a slight improvement in Spain bookings, which were down just five per cent against its cumulative position of minus 23 per cent.
Last month’s big winners were Turkey, up 218 per cent; Tunisia, up 118 per cent; and Cyprus and Florida, both up 38 per cent. • See this week's TTG for TUI’s Peter Rothwell on Spain

Michael O'Really?

25th Mar 2004, 16:11

So that's good news then. Sales are up but they're down.
Or is it bad news because they're down but they're up?

kinsman

25th Mar 2004, 19:13

Some important factors to consider when reading the TTG article:

1. They got their figures wrong in January as far as I can see from reading this article.

2. They make no allowance for operators having cut capacity this year.

3. They make no mention of how good the margins are! Because of course they don't know! This is the most important point as proved last year. No point in selling more holidays if you are not making money! One operator this year has cut it's margins offering discounts that cannot be making them much or any profit. They have done this in a bid to see MYT off! They appear to have failed with what must be a high risk stratergy given the state of the industry as a whole!

It would appear MYT have turned the corner and are hitting their targets for recovery. As I said in an earlier post a debt for equity swap or some other method of clearing debt was always on the cards. I would not be surprised to see MYT return to an operating profit this year rather than 2005 but they will need to restructure to return to full health and that is what the board have said they are looking at. I am sure they would have liked to anounce this last year but I guess they first needed to prove they could get the company back on track and at last there are strong signs they have achieved this.

Any truth in the rumour TC UK are being sold by the Germans?

beardy

25th Mar 2004, 19:30

No point in selling more holidays if you are not making money! One operator this year has cut it's margins offering discounts that cannot be making them much or any profit.

Not like any other firm I can think of from the last few years

'Any truth in the rumour TC UK are being sold by the Germans?'

Glass houses

kinsman

26th Mar 2004, 14:51

Beardy

If you are going to quote me at least keep my comments in context, unless of course you want to work for the Mail On Sunday! I thought I made the point that MYT had not got it right in the recent past but perhaps I was too subtle, as I did not mention them by name!

As for living in "glass houses" I asked a question! Or should I take it from your reply that one should only ask questions that relate to MYT not TC? As it happens I am sure MYT would be for sale if anyone wanted to buy it! I was told that TC UK was for sale by some of TC crews, this was denied a while ago by the UK MD but that normally is a good indicator that the reverse is true! I can't really see that anyone with enough money would really be interested in buying any UK tour operator at the moment but who knows? However, for the record the rumour has it a management buy out is in the offing, the guys I spoke to seemed to think this would be good news. Perhaps you don't share that view?
:cool:

Big Tudor

26th Mar 2004, 15:44

Is the TTG still published by Thomsons. Always thought it strange that Britannia Airways (Thomson owned) was voted the best charter airline 7 years in a row by the TTG (Thomson owned).
As for the figures. It doesn't say whether these reflect the number of holidays available for sale compared to last year. Since MYT have made some significant cutbacks in this area it's hardly surprising that they have sold 'less' than last year.

BTW share price currently 10.25p. That's a rise of 25% over the last couple of days. Don't seem to be able to find the headline for it though!:rolleyes:

LIMA OR ALPHA JUNK

26th Mar 2004, 16:59

Rumours are abound at TC that the profit-making UK arm may be sold off but they are only rumours at the moment and nothing more. A management buyout is being mooted with venture capitalists involved.

The UK arm made over £30m last year and is targeting a profit of £55m this year. I personally would think that there would be potential buyers for a well-run operation making money.

That said, TC is employing Lufthansa group pilots this summer so I doubt any move to sell the UK arm off is imminent.

As for MYT, IMHO, the banks have committed so much to keeping them afloat that a debt for equity swap with further rationalisation of their operations is the likely outcome. The poor shareholder will be the victim as he is well down the pecking order in terms of debt priority.

My bet is they will be de-listed and taken private by the banks if they survive. Hope they do for everyones sakes.

kinsman

26th Mar 2004, 17:23

Agree with most of the above except I doubt the banks have any interest in taking MYT private, unless it is with the intention of re-floating it and recovering their money.

WeLieInTheShadows

26th Mar 2004, 17:48

This is a cautionary not for all those looking at MyTravel as a bargain.

First off to set the record straight I think MYT has always been a great opperator and staff are great and hope they pull through and get into profit etc etc etc.

HOWEVER

I've been following them closely as a investment option for well over 6 months and the start of March was the time to dive in, as historically the share price rallys in the summer.

This is exactly what happened at the start of March. I stuck in some cash and after a week had made 20%...nice!

However after this rise and the fact MYT was the only share not to drop after the Madrid bombings made a few city "experts" take a closer look at things. What they found was a company riddled with debt and putting off a return to profit AGAIN. "Shares" magasine 2 weeks ago did a snapshot on it and has put it in the timebomb catagorey along with Eurotunel!!

So...I got out.

Low and behold they announce share dillution.

All hope of a rally for their shares this summer is over. They are certainly only for big time gamblers...not widdows and orphans.

Wouldn't suprise me if they do hit the 1- 3p mark if more bad news is forthcoming, but 10p is their stable ground for now. If they go below 5p all bullish bets will be off and the city boys will pull everything out and let the price slide.

Sorry to be down on MYT - I was hoping for some good news about them for their staff's sake.

If you want to put you money anywhere, put it in BA (BAY) it's still the city's darling blue chip share (and always will be) and has already starting to recover after Madrid, with expectation of it getting back to the highs of 340p in next month or so.

Get in Monday - You might still nick some at 270p if your lucky at start of trading.

Good luck punters...and good luck MYT!!!!!:ok:

Dengue_Dude

14th Apr 2004, 04:55

We see in Press releases that MYT maintained market share - a lot is made of that.

Last summer the company 'proudly boasted' of carrying a million passengers.

They then chopped 3 large aircraft - stating a problem with over capacity.

MYT 'maintained Market share', but didn't make a profit off that market share.

It's easy to get market share - you just sell at a loss, supermarkets do it all the time with 'loss leaders' like bread etc. The difference is they make a profit on all the other stuff. It's this last bit that seems ungraspable by MYT senior management.

They come, give speeches, screw up and leave with a nice little severance package.

The staff on the airline are flying their butts off, cutting corners (financially, not safety-wise), going the extra mile (the euphamism not the routing!)

For what? More uncertainty and requests to do more from the latest management earning their severance package.

That's why I left them, sadly taking several thousands of pounds worth of useless shares with me - some package that!

Good luck to the staff on the airline - nice people doing their best and getting no help from the seniors apart from understanding how a Pozidrive feels.

jmc-man

14th Apr 2004, 08:17

Dengue-dude

You've touched on a problem in your post, that is having a serious effect across the whole UK charter and inclusive tour industry.

Mytravels problems, and their willingness to sell their holidays at any price is seriously affecting every tour operator in the country. The effect was particularly evident at the end of Summer 2003 when Airtours literally dumped all their capacity into the market at knowckdown prices in an effort to increase their cash reserves before the lean winter period.

The situation is further hampered by the fact the the CAA is unable to enforce it's standard "free Asset" test on MyTravel due to political interference, a matter which resulted in the "early retirement" of the second in command of the CAA Consumer Protection Group.

I don't wish insolvency on anyone, but the current state of affairs could well involve closure of companies other than MYT.

stormin norman

14th Apr 2004, 21:11

My Travels problems are not helped by the CAA allowing
all and sundry to operate within these shores.

European aviation was effectively put out of business
by the likes of Air atlanta and other 2 bob outfits who are allowed
to set up within the uk with very few checks from the CAA ,while the airlines that still exist have to deal with a system that is slow
and still entrenched in the 50's.

I'm told that the CAA will lose up to 1/3 of its staff in the next few years as EASA takes over their affairs and they will in effect become a admin unit.I for one can't wait for the euopean equivalant of the FAA to come into being.

boxmover

18th Apr 2004, 18:36

The staff the CAA lose to EASA will come from SRG and not the economic regulation side.

EASA will only look at airline safety.

kinsman

18th Apr 2004, 20:28

Very few companies meet the CAA free asset test these days! If the CAA applied it to MYT then they would have to do the same to other operators!

Agree the open sky policy is not helping UK aviation, would not be so bad if it worked both ways.

MYT seems to be turning the corner but who knows what the rest of the year will bring. As for dumping cheap holidays on the market, think you will find TC have been doing the same this year! MYT have wised up on the capacity front, lets hope not too little too late. I really don't want to look for a new job.

wheelbarrow

19th Apr 2004, 16:52

KINSMAN

Your paranoia and eagerness to compare the woes of MYT to the profitability of TCUK is pathetic.

Every time someone mentions MYT, you the say something baseless about TCUK.

I wish you luck this summer and beyond, but please get a grip on your anti TCUK bashing theme.

kinsman

19th Apr 2004, 20:26

Wheelbarrow

A little Touchy! Now you know how we feel! Not paranoia just find the one sided company bashing on this site needs a little ballancing every now and then.

TC information is not baseless as you claim! Besides I did not single out TCUK, I said TC! You assumed rather too much I am afraid! I recall TC as a group made heavy losses last year as predicted by some of us who were accused of deflecting attention with baseless speculation last year. I get no pleasure from the fact TC made a loss but simply seek to point out that MYT recieved rather more than its fair share of attention from many self interested individuals on this site and from the media.

As it happens TCUK were selling holidays at very heavy discounts this year, well below prices being offered by MYT if that matters to you! I would suggest their record sales may not be matched by record margins but I am prepared to eat humble pie at the end of the season if I am wrong.

MYT have managed their capacity better this year and have maintained good margins, at least so we have been told! As I said before I hope this is not too little too late. The company feels as if it has turned the corner but who can tell at this stage of the game. Most said MYT would not make it out of winter 2002/2003 but they are still here.

May I respectfully suggest that those who cannot take it should not dish it out!

:ok:

LIMA OR ALPHA JUNK

21st Apr 2004, 12:50

I rather suspect that MYT has received close media attention as it is a UK stock market listed company and its UK operation has made losses whilst its shareprice has plummetted. From being one of the darlings of the stock market its shares are trading at a fraction of what they once were.

Combine that with accounting mismanagement, false trading statements and large golden paracutes for directors and I think you may have your answer kinsman !

It is heartening to hear that things are going better now.

kinsman

21st Apr 2004, 19:30

Thanks Lima, I had worked that one out! Just pointing out to wheelbarrow my motives which seem to confuse him a little. Can't escape the fact we have had some really poor management in recent years, the new lot seem to be getting a grip but I still wince every time I think about last years performance.

Sad thing about the press, if MYT recover back to financial health they may get paragragh on the back page of the FT. Before you say it I know bad news sells. Sad reflection on society, what a loverly world we live in.

:(

qwertyuiop

21st Apr 2004, 19:59

kinsman,

Please dont think I am knocking Mytravel, I am purely a speculator in shares. I cant see how Mytravel, with a debt burden of £1billion, can trade against those without that debt. If they can continue, then 8 pence must be v cheap.

Navy_Adversary

21st Apr 2004, 23:36

I was looking at booking a fly-cruise with My Travel on the cruisecontrol web site, it states that their will be NO My Travel cruises in 2005, thats a shame, had some good times on Sunbird, Carousel and Seawing.
Maybe I'll pull one in this year for old times sake.
Rgds

wheelbarrow

22nd Apr 2004, 10:14

Kinsman

Your motives, which you seem to think confuse me a little are nonsensical.

Everyone here can see that all you are doing is trying to divert attention from a company, who, let's be frank are as good as damn it bankrupt.

Add to that, in the good ole days, your directors would probably have had criminal proceedings brought against them for market manipulation or misleading statements at best.

If MYT can get out of a huge black hole that they are in, then great.

However, it will take for EVER to repay the money you owe. A few good years will be followed by some more bad years etc etc.... the industry has always been so.

TC and MYT are NOT connected. TC are privately owned, and as long as the owners can afford to keep the business going they will..... just like MYT really. As soon as the banks can afford to write off the debt, they will. That is the only similarity.

In the meantime, enjoy your summer.

kinsman

22nd Apr 2004, 15:25

Wheelbarrow

Sadly your still missing the point but never mind! Yes I shall enjoy the summer many thanks. Banks now own MYT and it will continue as long as the debt is serviced or paid bottom line.

Qwertyuip

I agree the debt is the issue. Fear share price will get lower by the end of the year due share dilution which is the only real way out of debt situation.

spy

22nd Apr 2004, 16:35

Wheelbarrow

I think kinsman has been trying to tell you that the post that got you all fired up simply said TC had sold a large number of holidays in the first three months of this year at very low prices.
They did! What is your problem with pointing that out!

Your arguments seem very emotional. Both groups have lost a lot of money, granted one more than the other. Both have large problems to overcome.

BA are in effect bankrupt with 4.25 billion pounds of debt but I think they will be around for a few more years yet. MYT may well do the same.

You sound very familiar! Not sure you have always gone by the name wheelbarrow but I could be wrong! It seems to me you are trying to rubbish some truths you don't like! Try using some facts to back up your remarks rather than personal remarks you may get further. Please do not claim to speak for me on this forum as you do not! I do not see Kinsman as simply deflecting attention.

Dengue_Dude

22nd Apr 2004, 16:46

Come on guys it's a well known fact that wheelbarrows have two handles!

Sorry, couldn't resist!

LGS6753

22nd Apr 2004, 19:31

Spy

I take issue with your comment that BA are bankrupt 'because they have debts of £4.25bn'.

A company is only bankrupt if they have no prospect of repaying their debts. BA has on its balance sheet, against those debts, lots of assets, ranging from aircraft to land & buildings, and nowadays their LHR slots.

The issue for My Travel is whether they will earn enough in the foreseeable future to:
a) service the debt, and
b) repay it
The creditors (usually Banks) will decide on that, and could do one or more of a number of things:
a) change the management (been done)
b) sell off under-performing assets/businesses
c) asset-strip the business, by for example selling aircraft and leasing them back (probably being done)
d) increase the operational gearing (replace owned assets with hired-in ones - done last year, still being done)
e) convert their debt to equity
f) if all else fails, and probably only after they've done all the above, call in the liquidators

I'm not sure whether MYT can survive - I hope it can. At least its position isn't as hopeless as Eurotunnel!!

spy

22nd Apr 2004, 20:41

That must have taken you a while to type! Phew!

My only point was a companies debt is not an indicator that it is bankrupt, which seemed to be the view of wheelbarrow. Only it's ability to service the debt e.g. cash flow and the support of the banks, at the moment MYT and BA both meet the requirements as you have elequently pointed out. Wheel barrow is once again incorrect in stating MYT are all but bankrupt but he does not seem to let facts get in the way of a good rant!!!!!!!

I only used BA as an example due to the huge debt, the figure is very scary you have to admit. Some small countries don't owe that much. Dread to think how many bums on seats they need just to meet the interest payments. Put in context BA's debt was MYT's turn over for last year give or take a few hundred thousand!

The margin between profit and loss in this industry on those sort of numbers with typical airline/tour company margins is very small. Get it right and you are in the black get it wrong and you are in the red. MYT have gone a long way towards making an operating profit within the next two years. As to weather they can return to full finacial health remains a big question as it does for BA, Eurotunnel and many other companies in this country.

LIMA OR ALPHA JUNK

22nd Apr 2004, 22:26

This thread appears to be going the same way as others on the subject of MYT. If things are going as well as Kinsman has said they are then it sounds like the corner has been turned just in time.

Banks have only limited patience at throwing good money after bad. The shares are trading at 8 1/2p at todays close. I think BA is gradually being transformed successfully by Rod Eddington but it will be a long transition. That is reflected in their current share price of 294 1/2p.

I have to say Kinsman & Spy that your assertion that Thomas Cook has dumped seats on the market is an interesting one. Perhaps you could enlighten us to the source of your information. The last I heard was that they were assessing crewing levels again due to additional flights being laid on to meet demand. That doesn't sound to me like they are having problems filling aeroplanes at decent margins.

spy

23rd Apr 2004, 14:29

See TTG earlier this year or you could have checked out the website or shops earlier in the year! Heavy discounting rather than dumping is a better description. No one said they were having trouble filling seats, think reverse is certainly true!

kinsman

23rd Apr 2004, 14:47

As above! Have a good summer all.;)

LIMA OR ALPHA JUNK

23rd Apr 2004, 14:59

I think you'll find all travel companies discount holidays to attract sales. Large scale seat dumping was what MYT have done in the past 2 summers due to hundreds of thousands of unsold holidays. They were dumped on the market at a loss. There is a clear distinction chaps !

Kinsman claims on 18th April that TC has dumped seats on the market. That is plainly not true.

Enjoy your summer boys !

wheelbarrow

23rd Apr 2004, 20:33

spy and kinsman

Sorry I haven't been able to return more quickly to this thread.

I have been too busy arranging large amounts of finance to buy MYT shares. It proved quite hard to raise the cash to buy the whole company in the end. Alas, my missus had mislaid her purse. But, don't fret lads. She has promised to go to the cash machine for the other fifty quid before the market opens at 8.30 on Monday morning....:D

Did I ever offer to speak on your behalf Spy???

Me thinks everyone should take a while to calm down. No one is bashing MYT. The facts speak for themselves. If the company was really viable, the shares would not be 8 1/2 p.

spy

24th Apr 2004, 09:53

Wheelbarrow

As a matter of fact you did!

"Everyone here can see that all you are doing is trying to divert attention from a company ........."

Should try reading your own posts, Oh! sorry I forgot you don't read what is written do you, just like to stir up a lot of ****.

Only the name changes I see not the attitude ......

"The facts speak for themselves. If the company was really viable, the shares would not be 8 1/2 p"

I think things would be much calmer if you stopped posting such inflammatory remarks. You accuse others of nonsensical arguments and paranoia and claim not to be "MYT bashing" but that is all you ever do. You managed to claim not to be MYT bashing and then proceed to make a crass statement like that all in one sentance, outstanding!

Feel free to reply in you normal style, I am sure you will anyway, I can no longer be bothered with you!:ok:

Crew_MYT

24th Apr 2004, 12:46

If MYT was going to go we would have by now!!!
The banks now our balance sheets better than anyone, on hear, unless you work for the said bank, and would not have backed us further if they thought it was not worth it!

MYT hadn't been mentioned on here for a few weeks so it's was only a matter of time before we were on the front page again!!

kinsman

24th Apr 2004, 22:07

My last post on this thread.

Lima you are correct I did infer inadvertently that TC had dumped holidays on the market. My information, though I cannot confirm it, is that TC went on an aggressive sales campaign to try and knock MYT over the edge in the first three months of this year. If this was the intention they appear for the moment to have failed.

Of course you may well be correct and TC were simply trying to boost their own market share. My point was that a lot of play has been made about MYT flooding the market with cheap holidays and of course they have but TC have been doing the same all be it for other reasons. Cheap holidays in large numbers are not good for the industry as a whole; it really makes no difference if they were dumped, as with MYT or heavily discounted as part of a marketing campaign, the net effect is the same.

It would appear from the TTG that TC's campaign was at least succesful in as much as they achieved a higher volume of sales compared to the same period last year.

Once again may we all have a good summer.

LIMA OR ALPHA JUNK

25th Apr 2004, 00:25

I'm glad we've cleared that up Kinsman. I can honestly tell you that the opinion amongst management at Thomas Cook is that MYT going bust would not be a good thing for the industry and no concerted attempt to inflict that upon your company is being instigated. I don't know who your sources are at TC but if that is the line you are being fed by them then you are being lied to.

Thomas Cook have not being selling holidays at a loss to drive you out of business. If there was some kind of plot I'm sure the tour operators would have ganged up on you by now as happened with Laker Airways.

Consider for a minute the chaos that would ensue if your company was to cease trading next week. May I suggest you employ a little perspective. All I ever seem to see when your company is being discussed rightly or wrongly is swipes at Thomas Cook by some of your employees on this site.

Perhaps you guys should branch out socially and add TUI, First Choice or Monarch to your repertoire. Or better still get some friends at TC who are better informed or wish you no malice,

Rant over. I sincerely hope the summer goes well for MYT.

tightcircuit

25th Apr 2004, 09:49

Kinsman,

The view of Brits higher management is similar. They think it would be a disaster for the whole charter sector if MYT were to go. No threat from ouside it seems!

kinsman

25th Apr 2004, 10:21

Fair enough Lima. I know a good number of guys inside TCUK and the story did not come from them you will be pleased to hear but a couple of senior individuals in another operator over a beer. Have not taken a swipe at Monarch or First Choice as both are well run operations making money. You have to admire Monarch no matter what happens in the industry they just seem to keep jogging along making money. All the problems are related to the German operations and MYT. TCUK it appears is also doing well after some bad years which is good to see; it is just their German parent having problems.

Understand much I have said on these threads is aimed at the attitude of certain individuals who despite their assertions to the contrary seem to derive some perverse pleasure in spreading doom and gloom about MYT or put less politely talk out their A*** without any consideration for those affected.

I am well aware of the reality of the situation and the impact of MYT failing will have on our industry and all the support operations who do business with us. The fall out would have a terrible human cost. Those of us who have been round long enough have seen it before in this industry and others and I for one would not whish that on anyone or whish to add to the uncertainty that keeps some awake at night fretting over how they will pay the bills if the worst happens. This sort of humanity is lost on some who seem oblivious to the affect their uninformed statements and smart remarks have on many who read these threads who are directly affected. I know they do not have to read what is written but many have been so worried they are drawn to read every snippet of information and then fret over it.

We are surrounded by some of the nicest people in the world in this industry; unfortunately there are also some really unpleasant individuals out there too. I have fought MYT’s corner on these forums not always convinced of the company’s viability because it is very easy for rumour to drive a company out of business.

I do now believe MYT has a future with the new team at the top and the changes that are being made, which is why I am still working for them despite some good offers elsewhere. But as always much depends on public confidence, rumour and negative press will not help the recovery.

I have always felt this site is a dangerous tool given its anonymous nature. But it is a fact of life so for my part I have done my best to defend MYT. Sometimes I have fought fire with fire.

Now this really is my last post on this thread.

Bucking Bronco

27th Apr 2004, 16:23

Just an observation from an onlooker who has lurked on various MYT threads...

It does appear Mr Kinsman that you have an accute sense of paranoia (which is fully justified given the perilous state of affairs at MYT).

To me, it also seems that everytime MYT is mentioned you are determined to throw mud at Thomas Cook when you should concentrate on matters closer to you.

Best of luck, and by the way BA are recruiting (the airline SPY insists are bankrupt) - if you feel lucky!

El Grifo

27th Apr 2004, 17:10

I am trully glad that I am not of a nervous disposition when I read all the negative stuff relating to MYT. They are my single biggest client, providing over a third of my annual commisions.

But then again, I have been hearing this stuff for years.

I was on a shoot for MYT in India when Crossland left and was assured by many, that I would never be paid for the work.

I then went off to Thailand on a job with the warnings blaring in my ears yet again.

I have just returned from a 3 week shoot In Cuba, again for MYT and was paid promptly.

They have booked me for a three week shoot in the Canaries (my home patch) and are also dangling the possibility of a New York/ Las Vegas shoot in the not too distant future.

Bear in mind, everything from Cuba forwards is for the 2005 season and followed a period of restructuring and selection of a meaner, leaner band of photographers, who we are all currently charging around the planet with cameras strapped to their foreheads !!

Someone somwhere in MYT obviously believes in the company's survival, not to mention the thousands of hoteliers worldwide who are signing contracts for next year.

Heres too ya MYT !!!!

:cool: :O :cool:

db767

27th Apr 2004, 17:42

Bucking Bronco,

Difficult as it may be to believe, not everybody wants to join British Airways! Fifteen years for a long haul command? No offence to anyone who wants to go but the end simply doesn't justify the means for most of us. Particularly when BA is also a company in major debt. Besides, I like my week trips to the Maldives and Barbados!

spy

27th Apr 2004, 23:18

Bucking Bronco (or is it wheelbarrow you sound so alike?)

Try reading what is written!

You might also look up the word paranoia! Think you will find Kinsman like many of us just gets tired of malignant A********.

Some of us chose not to join BA for many reasons, we even have had the offer, hope your not too shocked! No reflection on BA just not what everyone wants.:ok:

Bucking Bronco

1st May 2004, 15:10

db767 and Spy

If you read the following post...

Good news - BA recruits again (http://pprune.com/forums/showthread.php?s=&threadid=128022)

My post is the towards the bottom of the first page and says...

From the inside...

When the CRA goes up in Oct 2006 short haul command up to 19 years, 747-400 command 24 years. Also no FSS pension, I wouldn't do it.

If I had the experience that was needed I'd probably join Emirates if command time was a big factor.

Cheers and Good Luck!

At the end of the day I think that MYT is very close to the edge. As we all know aviation careers are all about timing, luck and 20/20 hindsight. When the writing appears to be on the wall it is wise to seek alternative employers, for this reason I mentioned BA. I am not so narrow minded to say that BA is the be and end all (see my other post above) but it provides another option of putting food on the table.

I for one, hope that my predictions for MYT are wrong and that it turns itself around. If it does go tits up though and the guys in the company haven't had the foresight to start putting tentative fingers in other pies (BA/CX/EK etc) then that would smack of narrow mindedness on their behalf.

Good day and Good luck

spy

1st May 2004, 16:03

Bucking Bronco

Thanks for the advice. None of us had thought of that! Will start looking around at once! :ok:

dada

1st May 2004, 16:10

you can be as close to the edge as you like so long as you don't go over. despite all those out there who state they hope it don't happen (but mean they do), the staff at myt have fought hard to keep the ship afloat and i for one believe they're here to stay.
despite all the talk, in the last couple of weeks eac and duo have gone - who predicted that? trouble is, there's nearly always 3, but the favourite doesn't always fall.

spy

1st May 2004, 16:28

Dada

Could not agree more!

db767

1st May 2004, 16:48

Bucking Bronco,

MyTravel have been fighting a very serious situation for two years now. What is it about this particular point in time that's so different? Fortunately, the general opinion within those who are actually in possession of at least some of the facts seems to be that things are very slowly improving. But then we read advice from pillocks like yourself saying things like "close to the edge" and "writing appears to be on the wall" and advising us to give up our widebody long haul commands (in a lot of cases) to go and become short haul First Officers for the likes of BA where we can expect to serve the rest of our careers (in a lot of cases) in the right hand seat. Strange as it may seem, we are all aware of that particular option but are generally happy to wait until the ship actually sinks before we choose to follow such enlightened advice. If I had actually followed your advice I would have applied to Emirates two years ago. Let's suppose I did and that I got in and they had offered me a job. MyTravel didn't go bust so I would have turned EK down as I'm happy where I am (I know you struggle with that concept but please try). If I'd turned down Emirates and then MYT did go down the pan they probably wouldn't be interested in my subsequent re-application. So by following your advice of "It looks close to the edge!!! Panic! Panic! Run away! Accept crap jobs while you still can!" I would currently have even less options to play with. For what it's worth, I spent many years working in the Middle East in a former life and have no desire to go to Emirates regardless of what happens - but that's just me.

Let's be realistic here - you haven't got the faintest clue what the future holds for MyTravel (or anyone else for that matter) and neither do I. The only difference is you are professing to know and scaremongering but everyone's heard it all over and over again and frankly it's getting boring!

Paterbrat

1st May 2004, 17:08

Well having plowed through that lot I would simply say that in stark contrast to the vitriol and acid on the BA thread the dissent here is quite couth and positively gentlemanly.
Yes the market has been adversly affected and there have been casualties. MYT continues to fly, long may it go on, and a large section of our professional collegues continue to support themselves and their families. One ceratinly hopes that the coming summer, still pissing down outside, will put punters backsides where they do us all some good, the industry regain some of it's vitality, and a tiny bit more optimism into the gloom and doom merchants around here.

40west

2nd May 2004, 09:12

trouble is, there's nearly always 3, but the favourite doesn't always fall.

....and "AV8" makes the three!!

Nato 35

2nd May 2004, 20:16

Hey 40, check your facts. It will rise from the ashes.

wheelbarrow

3rd May 2004, 10:44

spy

Just reporting back to you from my "grassy knoll", where all good conspiracies are dreamt up!

Do you really think I have nothing better to do than post under several names at once?!?!?

Get a grip.:p

carlos vandango

3rd May 2004, 10:52

yet another non-event thread. In the time that the mytravel bashers have been bleating about its demise, EAC have virtually gone and DUO has expired under our noses. Perhaps someone should change this record :bored:

PUP

3rd May 2004, 10:58

What is it about some of the sad to**ers on PPrune that take great delight in talking up the supposedly possible demise of an airline? Funny how this thread (one of many equally boring MYT threads) has currently attracted more views and posts than the one regarding Duo's very sad, actual demise!

Some of the space cadets that post regularly on this and similar threads fail to realise that the demise of any airline is against any of our interests.

Viscount Sussex

3rd May 2004, 13:05

Danny

I haven't read the majority of the posts on this thread, however is it really relevant or serving a purpose?

Why is it that some threads disappear almost immediately and others are left for very long periods of time when they are clearly a total waste of time and sometimes unsubstantiated?

Does any of the forum moderators read all the posts to the various threads?

I am sure somebody must do.

Isn't it time this one gets put to bed?

Now, I am sure somebody will remind me that it is a rumours forum, but....please, please, give us a break!!!

;)
VS