MYT Results
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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
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
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No answer to that question! But one would have to say the future is not bright! At best the company will see some big changes!
My concern is now for the whole industry, if a company the size of MYT go down then most banks and insurance companies would walk away from future underwriting of ATOL bonds. That will mean companies will need to be self-insured and the impact of that could be a disaster for many!
My concern is now for the whole industry, if a company the size of MYT go down then most banks and insurance companies would walk away from future underwriting of ATOL bonds. That will mean companies will need to be self-insured and the impact of that could be a disaster for many!
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Yes the failure of MYT would create a lack of confidence in the industry in the eyes of the insurance obligors that offer bond coverage however any failure of this size would reduce the current glut of overcapacity in this sector.
Only time will tell but its a very big hole to trade out of in an already depressed market.
rt
Only time will tell but its a very big hole to trade out of in an already depressed market.
rt
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I doubt it will affect long-term bookings but certainly short-term bookings will suffer. Passengers have short memories! How many can tell you who they flew with and often they don't know who they booked with either. If MYT are still around in a month or two the passengers will forget the news or figure the problems are over. They are used to these kinds of shock losses with UK companies and seeing them survive.
However, your write the short-term bookings will no doubt go through the floor. The press will have a field day with this and no doubt drive the company out of business!
ruptime
With Easy jet getting 120 new aircraft over the next few years with options for more and the start of several other low cost operators, I fear the long-term outlook for the holiday industry is bad even with the possible departure of MYT.
However, your write the short-term bookings will no doubt go through the floor. The press will have a field day with this and no doubt drive the company out of business!
ruptime
With Easy jet getting 120 new aircraft over the next few years with options for more and the start of several other low cost operators, I fear the long-term outlook for the holiday industry is bad even with the possible departure of MYT.
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Self-inflicted?
Spy,
You give the press too much credit! Any failure of this company will be due almost entirely to poor decisions by MyTravel management, past, present & future! Even now they admit they have vastly underestimated the cost of restructuring, surprising probably all of the financial pundits. Interestingly, the turnover stayed much the same, slipping slightly down to £4.2bn from £4.4bn previously. Strangely, the share price has risen by 25% in early trading, nice investment gain for some! However, the £100 bond, due for payment in 2007, is now trading at only £17!
Now worth £50m, surely time for a bid!
You give the press too much credit! Any failure of this company will be due almost entirely to poor decisions by MyTravel management, past, present & future! Even now they admit they have vastly underestimated the cost of restructuring, surprising probably all of the financial pundits. Interestingly, the turnover stayed much the same, slipping slightly down to £4.2bn from £4.4bn previously. Strangely, the share price has risen by 25% in early trading, nice investment gain for some! However, the £100 bond, due for payment in 2007, is now trading at only £17!
Now worth £50m, surely time for a bid!
Ut Sementem Feeceris
Newswatcher I think the point Spy was trying to make is that the press can report this in one of two ways.
They can (and probably will) put a huge anti/don't book slant on it which will harm bookings - self fulfilling.
Or they can say that the losses are colossal (no dispute there!) but almost two thirds of that is one off items (selling loss making business, assset write offs etc). The banks are still backing the Company (representatives on the board I believe) and that a huge cost saving program (forecast to beat the £150 million per year by 2005) is being implemented along with a massive restructuring (simplification) of the business. It is forecast (hoped) that this will put the group back in profit by September 2005.
The second scenario shows that everyone within MYT is fighting tooth and nail for their survival and with a bit of faith/luck/backing it should survive. There's 30,000 people facing a pretty uncertain future - but the press don't seem too bothered about that aspect, just as long as their papers sell.
A4
They can (and probably will) put a huge anti/don't book slant on it which will harm bookings - self fulfilling.
Or they can say that the losses are colossal (no dispute there!) but almost two thirds of that is one off items (selling loss making business, assset write offs etc). The banks are still backing the Company (representatives on the board I believe) and that a huge cost saving program (forecast to beat the £150 million per year by 2005) is being implemented along with a massive restructuring (simplification) of the business. It is forecast (hoped) that this will put the group back in profit by September 2005.
The second scenario shows that everyone within MYT is fighting tooth and nail for their survival and with a bit of faith/luck/backing it should survive. There's 30,000 people facing a pretty uncertain future - but the press don't seem too bothered about that aspect, just as long as their papers sell.
A4
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If MYT fails then that will probably scupper my plan of changing employer next year. That and a sense of decency means I wish them to survive very much.
However. Surely now the writing is on the wall?
I'm no financial analyst but a UK charter firm that looses money in the Summer is surely a non-starter? I know the banks will want to trade out of this to avoid a massive loss but there is only so long they can afford to watch the company loose millions of pounds a day.
Can someone please clarify exactly how many flightdeck crew MYT employs please?
I am confident that they will be in the marketplace for a new job within 6 months and I want to get a feel for just how significant that will be. Hopefully for them all the orange Airbuses might just come on stream at the right time.
Regards.
However. Surely now the writing is on the wall?
I'm no financial analyst but a UK charter firm that looses money in the Summer is surely a non-starter? I know the banks will want to trade out of this to avoid a massive loss but there is only so long they can afford to watch the company loose millions of pounds a day.
Can someone please clarify exactly how many flightdeck crew MYT employs please?
I am confident that they will be in the marketplace for a new job within 6 months and I want to get a feel for just how significant that will be. Hopefully for them all the orange Airbuses might just come on stream at the right time.
Regards.
Ut Sementem Feeceris
Flight deck = approximately 400 to 500. Banks seem to be in for the long haul. Refinancing is in place till May 2006 and Bond holders till Jan 2007. Don't forget £450 million of this years loss is a one-off exception. Operating losses were "only" 
£350 million - hopefully reducing next year and to profit by 2005.
A4
£350 million - hopefully reducing next year and to profit by 2005.A4
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A4,
I hope you don't think that "the City" reacts only to what it reads in the press, and it is there that the survival of MyTravel lies at present. Peter McHugh forecasts profitablility by 2005, I really am struggling to see where he is going to find the money to repay the £1.3bn debt mountain that has built up.
I think spy undersold some of MyTravel's clients. If they have had a great holiday with MyTravel/Airtours in the past, I am sure they will go again, particularly if ABTA continue to show their support, as detailed in the Guardian today
What a dilemma for staff. They must continue to give the clients the "holiday of a lifetime" whilst wondering where their future lies. The more they do so, the more likely clients will make repeat bookings. Keep up the good work! 
I hope you don't think that "the City" reacts only to what it reads in the press, and it is there that the survival of MyTravel lies at present. Peter McHugh forecasts profitablility by 2005, I really am struggling to see where he is going to find the money to repay the £1.3bn debt mountain that has built up.
I think spy undersold some of MyTravel's clients. If they have had a great holiday with MyTravel/Airtours in the past, I am sure they will go again, particularly if ABTA continue to show their support, as detailed in the Guardian today
This reassurance was borne out a spokesman from Abta, the Association of British Travel Agents, who said that MyTravel, like all tour operators in Britain, is by law covered financially in the event of it going under.
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CEO was on the radio this morning taking great pains to explain that the company had enough cash to survive the winter and into next summer holiday season. But for how long?
If I was booking my summer holiday now - it wouldn't be with MYT! Looks like Easy will get all the bus rated pilots it needs.
If I was booking my summer holiday now - it wouldn't be with MYT! Looks like Easy will get all the bus rated pilots it needs.
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A pre-tax loss of £350M is still a massive blow to any PLC even my travel. The real issue is that of perception and the stock market is all about that. The problem is that the UK public have started to switch from package holidays to self booked holidays using the internet.
Peter McHugh's statement that a main factor was the hot summer for the slump in bookings. I don't think so. That's like saying that 30% of their customers only book their summer holidays in June!!! Profitable in 2005. I don't think so, without a wholesale sell off. I would bet that there are several risk management meetings starting in the City as I write this.
The problem is that these large package holiday companies are a bit like the major record companies. Serving an ever decreasing market! Not a bright future.
FMC
Peter McHugh's statement that a main factor was the hot summer for the slump in bookings. I don't think so. That's like saying that 30% of their customers only book their summer holidays in June!!! Profitable in 2005. I don't think so, without a wholesale sell off. I would bet that there are several risk management meetings starting in the City as I write this.
The problem is that these large package holiday companies are a bit like the major record companies. Serving an ever decreasing market! Not a bright future.
FMC
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Newscatcher
A4 was on the money regarding my point of view! The UK press love bad press and can and have made matters worse for companies in our position.
Yes our troubles are down to the poor performance of the Directors, but the press are not a responsible body they print stories that sell papers and to hell with the truth or consequences on many occasions.
Frankly the British press is a disgrace. I am not just referring to MYT but many issues. How many individuals have been put on trial by the press and found guilty at the whim of some hack reporter only to be cleared by the courts having been put through hell?
Newscatcher the press have enormous power they can make and brake companies and individuals. Much of that power is in the hands of people with very little integrity.
Sorry I have drifted off subject but I feel very strongly about the state of the UK press and it’s low standards of reporting.
Out of interest MYT have around 56 aircraft not all of them Airbus. Easyjet are getting 120 aircraft over the next few years, they will need a lot more pilots than currently employed by MYT. Many MYT pilots may well want take jobs with other operators.
A4 was on the money regarding my point of view! The UK press love bad press and can and have made matters worse for companies in our position.
Yes our troubles are down to the poor performance of the Directors, but the press are not a responsible body they print stories that sell papers and to hell with the truth or consequences on many occasions.
Frankly the British press is a disgrace. I am not just referring to MYT but many issues. How many individuals have been put on trial by the press and found guilty at the whim of some hack reporter only to be cleared by the courts having been put through hell?
Newscatcher the press have enormous power they can make and brake companies and individuals. Much of that power is in the hands of people with very little integrity.
Sorry I have drifted off subject but I feel very strongly about the state of the UK press and it’s low standards of reporting.
Out of interest MYT have around 56 aircraft not all of them Airbus. Easyjet are getting 120 aircraft over the next few years, they will need a lot more pilots than currently employed by MYT. Many MYT pilots may well want take jobs with other operators.
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MYT Myths & Legends
MYT is in mortal peril. There seem to be a selection of defence mechanisms being employed on PPrune that I believe are questionable.
1. This has been caused (or at least fuelled) by the Media, and the Daily Mail in particular - The Media only report on what is actually happening. They may slant the reporting according to some inbuilt bias, but that is hardly a surprise! Politicians experience this every day. Newspaper Readers are familiar with the bias of their chosen publication, and tend to buy it because they feel that they can manage the bias on an informed basis, or because they agree with it. If MYT hadn't put themselves in such dire straits in the first place, then Media bias would not be an issue.
2. A failure at MYT would be bad for the industry in general - No, it wouldn't, it would be good for the industry, which presently suffers from overcapacity. Granted there would be many subsidiary problems, some significant, for other airline staff, and some other companies, but when set against the overcapacity issue, they are minor. Of course, overcapacity will return at some point in the future, since it is a recurrent industry problem.
3. A large percentage of the posted losses are exceptional one-off costs, and the company will soon be viable once more - And a large percentage are not. This company has lost a fortune, and managed to make a loss during the only period of the year when it is difficult to do so. Banks, shareholders and Bond holders are supporting it because they stand to lose much more money if they don't. They have, in a manner of speaking, nothing to lose, having lost much of it already: Of course the future prospects will be talked up, as the alternative would be suicidal (as demostrated by Gordon Brown yesterday). MYT debt is enormous, and profits are already swallowed up for several years to come, so do we really expect many investors to come knocking on the door waving a cheque?
4. Bookings and loyal customers will return - Really? The point is that none of us know. A percentage of future customers will not be aware of media coverage, but how big is that percentage? Let's face it, if you were Joe Public, and you had read or were familiar with the situation, would you knowingly put £1K - £2K of your hard-earned cash into a holiday with MYT?
5. MYT may be in a bad way, but its' competitors are in just as bad a shape - No they're not. Even if they were, the Media, for whatever reason isn't reporting it as such, and the City isn't either, and that, for MYT, like it or not, is the problem at the moment.
6. MYT's troubles have been exacerbated by plotting from competitors - Of course they have? MYT would do precisely the same where the circumstances reversed. That's what happens in business.
7. MYT going out of business will put a lot of people out of work, so we should all support the company - Why? This is capitalism and the markets in action, red in tooth and claw: It's not pretty, but it is the nature of the beast. On that basis, we should all swing behind Pan-Am, Enron and Railtrack because of the impact of collapse. (Well, actually, as UK taxpayers, we did all swing behind Railtrack, although involuntarily and without being asked!).
I know that by posting this I'm running a risk of being heavily flamed, but please think first. I also work for a private company, a competitor to MYT: If/when our owners cock things up on an epic scale, (as they could well do one day) and we are in the same position, then I shall be angry too, but I'll just have to get on and deal with it. I don't wish redundancy on loyal employees of MYT, but I don't feel that some of the myths shown above should be used to protect them.
The real villains of the piece (and the only winners) are the past directors of MYT, who have mis-managed the company into its' present situation, and then awarded themselves generous leaving settlements as a reward, and not the Media, nor competitors nor the city (nor me). If I worked for MYT, I would direct my anger at them.
(Now edited to amend incorrect numbering)
1. This has been caused (or at least fuelled) by the Media, and the Daily Mail in particular - The Media only report on what is actually happening. They may slant the reporting according to some inbuilt bias, but that is hardly a surprise! Politicians experience this every day. Newspaper Readers are familiar with the bias of their chosen publication, and tend to buy it because they feel that they can manage the bias on an informed basis, or because they agree with it. If MYT hadn't put themselves in such dire straits in the first place, then Media bias would not be an issue.
2. A failure at MYT would be bad for the industry in general - No, it wouldn't, it would be good for the industry, which presently suffers from overcapacity. Granted there would be many subsidiary problems, some significant, for other airline staff, and some other companies, but when set against the overcapacity issue, they are minor. Of course, overcapacity will return at some point in the future, since it is a recurrent industry problem.
3. A large percentage of the posted losses are exceptional one-off costs, and the company will soon be viable once more - And a large percentage are not. This company has lost a fortune, and managed to make a loss during the only period of the year when it is difficult to do so. Banks, shareholders and Bond holders are supporting it because they stand to lose much more money if they don't. They have, in a manner of speaking, nothing to lose, having lost much of it already: Of course the future prospects will be talked up, as the alternative would be suicidal (as demostrated by Gordon Brown yesterday). MYT debt is enormous, and profits are already swallowed up for several years to come, so do we really expect many investors to come knocking on the door waving a cheque?
4. Bookings and loyal customers will return - Really? The point is that none of us know. A percentage of future customers will not be aware of media coverage, but how big is that percentage? Let's face it, if you were Joe Public, and you had read or were familiar with the situation, would you knowingly put £1K - £2K of your hard-earned cash into a holiday with MYT?
5. MYT may be in a bad way, but its' competitors are in just as bad a shape - No they're not. Even if they were, the Media, for whatever reason isn't reporting it as such, and the City isn't either, and that, for MYT, like it or not, is the problem at the moment.
6. MYT's troubles have been exacerbated by plotting from competitors - Of course they have? MYT would do precisely the same where the circumstances reversed. That's what happens in business.
7. MYT going out of business will put a lot of people out of work, so we should all support the company - Why? This is capitalism and the markets in action, red in tooth and claw: It's not pretty, but it is the nature of the beast. On that basis, we should all swing behind Pan-Am, Enron and Railtrack because of the impact of collapse. (Well, actually, as UK taxpayers, we did all swing behind Railtrack, although involuntarily and without being asked!).
I know that by posting this I'm running a risk of being heavily flamed, but please think first. I also work for a private company, a competitor to MYT: If/when our owners cock things up on an epic scale, (as they could well do one day) and we are in the same position, then I shall be angry too, but I'll just have to get on and deal with it. I don't wish redundancy on loyal employees of MYT, but I don't feel that some of the myths shown above should be used to protect them.
The real villains of the piece (and the only winners) are the past directors of MYT, who have mis-managed the company into its' present situation, and then awarded themselves generous leaving settlements as a reward, and not the Media, nor competitors nor the city (nor me). If I worked for MYT, I would direct my anger at them.
(Now edited to amend incorrect numbering)
Last edited by TightSlot; 11th Dec 2003 at 19:03.
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Your opinion is as valid as any other Tightslot! I don't agree with several points you have made but thats life!
The indusry may welll be worse off with the departure of MYT if the insurance companies and the banks pull out of the bond market.
There will be a short term up turn for the other tour operators but many of the MYT brands will survive.
Easy and the other low cost operators and the changing booking patterns will level any up turn out fairly quickly.
The papers do not always or even often print facts! That is a myth! They print often uninformed opinion.
The indusry may welll be worse off with the departure of MYT if the insurance companies and the banks pull out of the bond market.
There will be a short term up turn for the other tour operators but many of the MYT brands will survive.
Easy and the other low cost operators and the changing booking patterns will level any up turn out fairly quickly.
The papers do not always or even often print facts! That is a myth! They print often uninformed opinion.
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Sorry spy, IMHO that argument just doesn't wash. I would love to see your attempt at "spinning" yesterday's results into a "there is absolutely no risk to booking your next holiday with MyTravel" story.
For example, would you now invest in Equitable Life? If not, why not assuming that they were still taking "new" business? What do you know about their problems, which would make you have second thoughts, and which hasn't been reported in the press?
The "Press Complaints Commission" is there to deal with miscreants, and has had some success, with the possible exception of the smarmy Piers Morgan.
If you don't like what you read in the press.....complain! I have, and have been generally pleased with the response. I was particularly incensed when photos appeared of the guy who committed suicide by jumping off a building in Edinburgh some years ago.
And it's "newswatcher", by the way!
For example, would you now invest in Equitable Life? If not, why not assuming that they were still taking "new" business? What do you know about their problems, which would make you have second thoughts, and which hasn't been reported in the press?
The "Press Complaints Commission" is there to deal with miscreants, and has had some success, with the possible exception of the smarmy Piers Morgan.
If you don't like what you read in the press.....complain! I have, and have been generally pleased with the response. I was particularly incensed when photos appeared of the guy who committed suicide by jumping off a building in Edinburgh some years ago.And it's "newswatcher", by the way!
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Sorry "Newswatcher" that’s the sort of mistake the British press would make!
I would not attempt to spin the story at all I will leave that sort of thing to politicians and the press!
The press complaints commission is great but by the time they get involved the damage is often done. I have complained in the past and like you I have been met with some success but once again by then the damage is done.
What a shame those with the power of the pen don't check facts and show a little integrity in the first place.
Perhaps it would be better to take this discussion to another forum.
I would not attempt to spin the story at all I will leave that sort of thing to politicians and the press!
The press complaints commission is great but by the time they get involved the damage is often done. I have complained in the past and like you I have been met with some success but once again by then the damage is done.
What a shame those with the power of the pen don't check facts and show a little integrity in the first place.
Perhaps it would be better to take this discussion to another forum.
I am a figment of my own imagination
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Tightslot, rather a rebuttal than a flame however... I would disagree with some of your own Mystic Myths and Legends
1. It is commonly acknowledged that the press plays a huge part in influencing public opinion, they can will and indeed do undertake 'crusades' of their own that suit their owner/editors.
They most certainly will manufacture conjecture distort and otherwise slant affairs. I regret to say that your slightly sugery view of the press is by no means shared by us all.
2. That the failure of and throwing onto the market of thousands of airline staff not being bad for the industry is pardon my saying, an extremely cold and somewhat self centered view, but then you have described yourself as a tight slot, very apt.
3. Market forces as you so rightly pointed out fluctuate, and cycles what goes down can does and is capable of rebounding. The fact that losses albeit lage ones have been incurred has not always proved terminal as many companies have demonstrated.
You are simply indicating your particular wish or lack of faith.
Actualy 4. ( your grasp of maths is a tad inaccurate)
You said it! None, of us know, that incidentaly does not by royal decree exclude you, or do we unaware of your real identity...
(genuflects just in case)
5. Ahhh a man in the know, so they aren't in a bad way, nice recovery by the way" even if they are" ... Real cover your arse merchant aren't you?
6. No argument with plotting by competitors, your doing great so far.
7. You risk someone disagreeing with you... "but wait think first..." Having thought, regretfully, I will still beg to differ with your piercingly perceptive and somewhat defective analysis. It is as full of holes as a pair of fishnet tights, tightSlot ,and past mistakes are just that, past mistakes. Ongoing hatchet jobs however by competitors who hope for a company to go under and it's people to be out on the street should be accorded the contempt they deserve. "I'm OK jack" is the message coming across clear and loud from you, but it's the "and I hope you lot collapse" that is the sickening part.
1. It is commonly acknowledged that the press plays a huge part in influencing public opinion, they can will and indeed do undertake 'crusades' of their own that suit their owner/editors.
They most certainly will manufacture conjecture distort and otherwise slant affairs. I regret to say that your slightly sugery view of the press is by no means shared by us all.
2. That the failure of and throwing onto the market of thousands of airline staff not being bad for the industry is pardon my saying, an extremely cold and somewhat self centered view, but then you have described yourself as a tight slot, very apt.
3. Market forces as you so rightly pointed out fluctuate, and cycles what goes down can does and is capable of rebounding. The fact that losses albeit lage ones have been incurred has not always proved terminal as many companies have demonstrated.
You are simply indicating your particular wish or lack of faith.
Actualy 4. ( your grasp of maths is a tad inaccurate)
You said it! None, of us know, that incidentaly does not by royal decree exclude you, or do we unaware of your real identity...
(genuflects just in case)
5. Ahhh a man in the know, so they aren't in a bad way, nice recovery by the way" even if they are" ... Real cover your arse merchant aren't you?
6. No argument with plotting by competitors, your doing great so far.
7. You risk someone disagreeing with you... "but wait think first..." Having thought, regretfully, I will still beg to differ with your piercingly perceptive and somewhat defective analysis. It is as full of holes as a pair of fishnet tights, tightSlot ,and past mistakes are just that, past mistakes. Ongoing hatchet jobs however by competitors who hope for a company to go under and it's people to be out on the street should be accorded the contempt they deserve. "I'm OK jack" is the message coming across clear and loud from you, but it's the "and I hope you lot collapse" that is the sickening part.
But it's not the press who lost the nine hundred million quid. Management did that. BTW, calling chunks of your losses "exceptionals" is the oldest excuse in the "Boys' Big Book of Business Bollocks" - BAE have been at it for years. How can it be exceptional if it keeps happening?