Thursday 11 December 2003
BREAKING NEWS: MyTravel: UK operating loss of £325m, profit in 2005
MyTravel has reported an operating loss of £358.3m, with the UK business losing £325.4m.
The loss on ordinary activities before tax is £910.9m. Exceptional items totalled £472.7m, with £359.3m accounted for by a review of its balance sheets.
Chief executive Peter McHugh said that the losses were due to ‘legacy and one-off issues, structural issues and poor management information systems'.
McHugh said that the group would return to profitability in 2005