MyTravel sharply down
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MyTravel sharply down
The UK's biggest holiday firm MyTravel has issued its second profit warning in four months.
In response, shares in the company fell sharply. At 1343 GMT they were 39% lower at 78.5 pence.
The firm, previously called Airtours, said a change in the way it accounts for revenue from insurance policies would reduce this year's profits by as much as £15m ($23.5m) pounds.
MyTravel has seen business slow following the September 2001 terrorist attacks on the United States.
Souce BBC
In response, shares in the company fell sharply. At 1343 GMT they were 39% lower at 78.5 pence.
The firm, previously called Airtours, said a change in the way it accounts for revenue from insurance policies would reduce this year's profits by as much as £15m ($23.5m) pounds.
MyTravel has seen business slow following the September 2001 terrorist attacks on the United States.
Souce BBC
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Well, they're gonna have to get themselves into gear sharpishly, 'cos they aint gonna be welcome to make a profit by competing at Brum, that's for sure. We're watching closely and we will undercut, hell - UNDERTAKE if we have to!
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Why is it that airlines' seem to pay millions on new corporate images and resprays for their aircraft when the money is leaking out of the company left right and centre??? Was the MyTravel rebrand absolutely necessary in the current climate?
ES
ES
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Looks like they didn't pay too much for the re-spray on their 320's. One was on the apron at Brum a couple of days ago with the new blue peeling off the tail!!
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IMHO when a business changes name in such a fundamental way things keep on unravelling from then on. What was wrong with the old Airtours name? It described the company perfectly.
With such a naff new name I'm not surprised they're having problems.
While we're on the subject of corporate rebranding, what genius thought repainting BY aircraft with a pathetic squiggle on the tail was a good idea. (I know, it's the TUI Group logo, but it's still looks very silly). Another great and long-lasting icon of British aviation gone, or soon to be gone. No more proud blue Britannia tailfins decorating the airports of the Med. Or come to that, I'll never forgive the brainbox who closed down the regal looking Caledonian name and logo, replacing it with something called JMC, in shades of puke-green and mauve.
Of course, the best colours of all time were BOAC circa 1966. Looked great on VC10's....
With such a naff new name I'm not surprised they're having problems.
While we're on the subject of corporate rebranding, what genius thought repainting BY aircraft with a pathetic squiggle on the tail was a good idea. (I know, it's the TUI Group logo, but it's still looks very silly). Another great and long-lasting icon of British aviation gone, or soon to be gone. No more proud blue Britannia tailfins decorating the airports of the Med. Or come to that, I'll never forgive the brainbox who closed down the regal looking Caledonian name and logo, replacing it with something called JMC, in shades of puke-green and mauve.
Of course, the best colours of all time were BOAC circa 1966. Looked great on VC10's....
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The £15 million could have been saved by recruiting and training last winter instead of paying vast sums this summer on outsourcing because the company had no crews to fly their planes. Another example of bad management blaming everything on everybody else. Maybe DC will buy back his company and save it from the air heads that are there now.
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Kishna you will probably find the a/c you saw was one of the old liveried 320's with the temp Mytravel logo's as I believe there is still only one 320 (GCRPH) that has been fully painted up. New paint jobs will come with fleet rollover - if it happens!
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Yeah, well maybe if the airline management pulled their heads out of the sand, or is that their asses and woke up some progress might be made.
They seem to be too busy patting each other on the back saying what a great job their doing.
They seem to be too busy patting each other on the back saying what a great job their doing.
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Astronut,
In hindsight, yes they should have hired and trained pilots last winter. A lot of airlines should have done that. But in fairness to them, the holiday bookings dropped off a cliff late last year (for obvious reasons) and the tour companies had no idea what business, if any, there would be this summer. As it happens, business returned but it came back late so there wasn't any time to recruit for this summer. I don't think there is a company in this country that was willing to take the risk and hire last winter, as we were all facing a very very serious situation, one which has never happened before. The real test is to see if they are going to hire and recruit now.
Lazlo
In hindsight, yes they should have hired and trained pilots last winter. A lot of airlines should have done that. But in fairness to them, the holiday bookings dropped off a cliff late last year (for obvious reasons) and the tour companies had no idea what business, if any, there would be this summer. As it happens, business returned but it came back late so there wasn't any time to recruit for this summer. I don't think there is a company in this country that was willing to take the risk and hire last winter, as we were all facing a very very serious situation, one which has never happened before. The real test is to see if they are going to hire and recruit now.
Lazlo
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Kala87
Try finding out where the name Airtours originally came from and you will find out it doesn't describe the company at all.
Fool's Hole
Interested to see how anyone can undercut the prices that MYTLite are charging. £15 each way to AGP seems pretty low to me.
Try finding out where the name Airtours originally came from and you will find out it doesn't describe the company at all.
Fool's Hole
Interested to see how anyone can undercut the prices that MYTLite are charging. £15 each way to AGP seems pretty low to me.
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Interesting to note that MTL are said to be positioning a further 2 x 320s at BHX from April, claiming the creation of extra jobs. An interesting comparison with the Maersk rationalisation.
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buyout?
So what do you reckon to the chances of Mytravel group being bought out, by the likes of First Choice perhaps, now that they're so cheap?
Buyout & breakup I reckon.
Buyout & breakup I reckon.
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first casualty - Byrne goes, Crosland stays
Last edited by newswatcher; 8th Oct 2002 at 08:59.
