Not as bad as I predicted for My Travel
Current Price 155.25
Change on Day +2.25
PRESS RELEASE
MyTravel Group plc is today giving a presentation to the investment community. It will demonstrate its focus on continuing to increase the profitability and margins of its existing business through greater efficiencies and on growing the business via the MyTravel global brand and technology, to build direct relationships with its 15 million customers. At this presentation there will also be an update on trading.
Highlights
- Group trading across all divisions is in line with expectations
- UK run rate since the start of July is 33% above last year's level
- Of the 1 million holidays left to sell at the May interims, there are less than half that amount now left to sell before 30 September, in line with our expectations.
Operations
In the UK, as we anticipated, booking volumes and prices have continued to build strongly, with summer 2002 bookings only 5% behind last year's levels. The lates market in the UK is performing strongly, as anticipated, with selling prices 7% ahead of last year.
In Scandinavia and Germany, whilst the lates market remains weak, current trading remains in line with our expectations. Bookings for summer 2002 are currently 79% and 60% of last year's respectively, reflecting capacity cuts. This shows an improvement since the position on 22 May.
In the US, our specialist distribution businesses continue to perform well in uncertain markets and our charter business in Canada continues to perform strongly.
Future seasons, where on sale, are in line with our expectations.
Tim Byrne, CEO of MyTravel said:
"The first quarter of our financial year, which immediately followed the events of 11 September, were extremely difficult for the group. However, we returned to growth in the second quarter and anticipate further growth in the second half of the year. The fundamental underlying strengths of the business, and its future growth prospects, remain strong.
"Improved efficiency from our existing businesses and understanding our 15 million customers better, through the use of leading edge distribution techniques, will ensure we continue to deliver increased value to our shareholders."
But not out of the woods yet by any means!
For those of you interested
BRITISH AIRWAYS
Current Price 140.25
Change on Day -8.25
Very worrying for Big Air
Last edited by Desk Driver; 23rd Jul 2002 at 16:49.