Air Tours at Risk
From Sept 17th Travel Trade Gazette:
"City analysts warn a fallout from the US attacks could plunge Airtours into crisis. They claim it will put paid to Airtours expansion plans and predict the operator will contract back to its core UK business. Airtours is said to be more exposed than its major rivals because of its huge US interests.
One analyst said: "Seventeen percent of Airtours earnings before interest comes from the US company TSI. All businesses are going to suffer as Americans simply stop travelling." He added: Airtours has a lot of problems at the moment and this could be the killer blow. "The company is not popular in the City - it is already struggling to make its figures. They are sitting on a time bomb."
But Airtours group chief executive Tim Bryne stressed that the company was 'robust'. He said: "The City expects us to deliver not just a recovery, but record profits of between £150 and £160 million. The business is in excellent shape with lots of cash."