MyTravel in financial trouble
Join Date: Nov 2002
Location: UK
Posts: 1
Likes: 0
Received 0 Likes
on
0 Posts
I have worked for MyTravel for the past 6 years in a senior management role in the UK, and would like to mke the point that during all the "bad press" we have had since the last profit warning we were not allowed to comment or counter the stories, most of which were regurgitated dross because we were in a "close out" period at the end of the financial year leading up to the decalaration on the 28th November.
Further, the fundamental reasons why the loss was as it was were because an awaful ot of profit had to be "shifted" into this new financial year as a result of audit changes - the result of employing new audotors after dismissing "andersen".
This year will be an excellent year for my company, not least because of the above but also because we have a very competent and able senior team at the helm - I am proud to work for MyTravel and never had any doubt we would "win" this war and go on to be bigger no, BETTER at what we do - deliver quality products to the public, and a return to healthy profits for our shareholders!!!
Further, the fundamental reasons why the loss was as it was were because an awaful ot of profit had to be "shifted" into this new financial year as a result of audit changes - the result of employing new audotors after dismissing "andersen".
This year will be an excellent year for my company, not least because of the above but also because we have a very competent and able senior team at the helm - I am proud to work for MyTravel and never had any doubt we would "win" this war and go on to be bigger no, BETTER at what we do - deliver quality products to the public, and a return to healthy profits for our shareholders!!!
Join Date: Mar 2001
Location: UK
Age: 44
Posts: 163
Likes: 0
Received 0 Likes
on
0 Posts
Mytravelman
From your position how did the huge amount of money spent rebranding a recognisable and established name like Airtours to MYT help with the profit & loss account? Having spent the previous couple of years building up a debt mountain buying anything that moved in the travel business and pouring money into a failed German operation.
Coupled with master Crosslands pafetic statment about the standing of Andersons at the AGM at a time when he must have known accounting practices were dubious along with his selection of crony Bryne as a successor how can you be full of so much brown nosing bull****.
I have every sympathy for all the staff at MYT and the long suffering shareholders you mention (in which I include myself) but if MYT do in the long run bite the bullet the people to blame are at the director level who showed there business decision making and practices dont live up to the size of there salaries.
Crossland being the main culprit filling a board room with cronys from Andersons and yes men.
MYT management may treat their staff and shareholders like a bucket of mushrooms but you can't expect them to pull it off with the media too!
From your position how did the huge amount of money spent rebranding a recognisable and established name like Airtours to MYT help with the profit & loss account? Having spent the previous couple of years building up a debt mountain buying anything that moved in the travel business and pouring money into a failed German operation.
Coupled with master Crosslands pafetic statment about the standing of Andersons at the AGM at a time when he must have known accounting practices were dubious along with his selection of crony Bryne as a successor how can you be full of so much brown nosing bull****.
I have every sympathy for all the staff at MYT and the long suffering shareholders you mention (in which I include myself) but if MYT do in the long run bite the bullet the people to blame are at the director level who showed there business decision making and practices dont live up to the size of there salaries.
Crossland being the main culprit filling a board room with cronys from Andersons and yes men.
MYT management may treat their staff and shareholders like a bucket of mushrooms but you can't expect them to pull it off with the media too!
Join Date: Feb 2000
Location: UK
Age: 64
Posts: 3,586
Likes: 0
Received 0 Likes
on
0 Posts
mytravelman
I accept your status as a manager in view of your ability to forget recent events, not learn from experience and superimpose your own, more palatable version of the truth on that actually experienced by others.
However you gloss it, you just had a warning from the city - I'd suggest that you heed it. A little less talking up and a little more getting down to hard work and, who knows, coupled with a little humility perhaps - I hope for the sake of the staff who work for you that everything will be good for the future.
I accept your status as a manager in view of your ability to forget recent events, not learn from experience and superimpose your own, more palatable version of the truth on that actually experienced by others.
However you gloss it, you just had a warning from the city - I'd suggest that you heed it. A little less talking up and a little more getting down to hard work and, who knows, coupled with a little humility perhaps - I hope for the sake of the staff who work for you that everything will be good for the future.
Join Date: Oct 2000
Location: near EGKK
Posts: 295
Likes: 0
Received 0 Likes
on
0 Posts
USP & Others.
Ok so this may not have been a rescueof MYT but will you accept that it was'nt you usually revolving credit agreement either.
Weeks of long negotiations late in to the night to get another years credit at a much increased rate must send you a signal.
(B)Don't bury your head in the sand????(/B) Your current or previous management have put the company at risk and drastic action needs to be taken to avoid further problems. Over the next 12 months you will see the whole group restructured and maybe even taken over.
Good luck to you all!
Ok so this may not have been a rescueof MYT but will you accept that it was'nt you usually revolving credit agreement either.
Weeks of long negotiations late in to the night to get another years credit at a much increased rate must send you a signal.
(B)Don't bury your head in the sand????(/B) Your current or previous management have put the company at risk and drastic action needs to be taken to avoid further problems. Over the next 12 months you will see the whole group restructured and maybe even taken over.
Good luck to you all!
Join Date: Jun 2000
Location: Here, but soon will be there
Age: 54
Posts: 81
Likes: 0
Received 0 Likes
on
0 Posts
Changing tack slightly...
We all knew that Sep 11 was going to have a HUGE impact and a certain amount of uncertainty within the airline industry. Passengers refused to fly, Airlines and Tour operators started laying off staff but the Airtours Powers That Be still decided that a major rebranding was necessary. It didn't work. We still have to read in the press "MyTravel - formerly Airtours". We still hear on the news "MyTravel, the company previously known as Airtours".
How much has all this actually cost the Company? Crossland says that this kind of year is totally unacceptable, for sure it is - looks like his bubble is finally about to burst. Such a great shame for someone who has dedicated his whole life to such a project.
If it ain't broke....don't fix it.
We all knew that Sep 11 was going to have a HUGE impact and a certain amount of uncertainty within the airline industry. Passengers refused to fly, Airlines and Tour operators started laying off staff but the Airtours Powers That Be still decided that a major rebranding was necessary. It didn't work. We still have to read in the press "MyTravel - formerly Airtours". We still hear on the news "MyTravel, the company previously known as Airtours".
How much has all this actually cost the Company? Crossland says that this kind of year is totally unacceptable, for sure it is - looks like his bubble is finally about to burst. Such a great shame for someone who has dedicated his whole life to such a project.
If it ain't broke....don't fix it.
Terrier
Join Date: Dec 1999
Location: moonbase alpha
Posts: 564
Likes: 0
Received 0 Likes
on
0 Posts
Fillosan,Horatio,U/S President:
I admire your closed eye, blind faith that you have in your management.
Your company WAS rescued by the banks. Had they not allowed you the revolving line of Credit (as Commerzbank nearly did not), you know as well as everyone else that MT may have failed.
So, don't smoke others for having an opinion just cos you don't like it.
I guess if things are so good in MT now, you won't be applying elsewhere? And of course the health of the company is reflected in it's "soaring" share price since the announcement. Down 8p, or about 30%.....including another penny today.
Dream on, but unfortunately MT are still in trouble and that is reflected in EVERYTHING going on around them. Lets' hope "dubya" can keep calm, because that will be the next major test for everyone. You lot included.
Good luck.
I admire your closed eye, blind faith that you have in your management.
Your company WAS rescued by the banks. Had they not allowed you the revolving line of Credit (as Commerzbank nearly did not), you know as well as everyone else that MT may have failed.
So, don't smoke others for having an opinion just cos you don't like it.
I guess if things are so good in MT now, you won't be applying elsewhere? And of course the health of the company is reflected in it's "soaring" share price since the announcement. Down 8p, or about 30%.....including another penny today.
Dream on, but unfortunately MT are still in trouble and that is reflected in EVERYTHING going on around them. Lets' hope "dubya" can keep calm, because that will be the next major test for everyone. You lot included.
Good luck.
Join Date: Apr 2000
Posts: 257
Likes: 0
Received 0 Likes
on
0 Posts
Tailscrape
What the hell does it matter what you call it, the company is still here! Some seem to take great pleasure in the problems MYT are having. So some of us are looking on the bright side! humour us a little, It has been a bad few weeks!
I believe MYT will survive, I also believe that others will not be here at the end of the winter. MYT is still a strong company, it has had a bad year and it may well be forced to make some big changes. The changes may make us much stronger in the long run!
Of course all may still end in tears, do we really need to be reminded, NO! No one in MYT has much faith in any management, most of us have been around long enough to know better!
There have been some thoughtless postings on this forum over the last few weeks. None of us know what is round the corner, and anyone who thinks they do are deluding themselves.
What the hell does it matter what you call it, the company is still here! Some seem to take great pleasure in the problems MYT are having. So some of us are looking on the bright side! humour us a little, It has been a bad few weeks!
I believe MYT will survive, I also believe that others will not be here at the end of the winter. MYT is still a strong company, it has had a bad year and it may well be forced to make some big changes. The changes may make us much stronger in the long run!
Of course all may still end in tears, do we really need to be reminded, NO! No one in MYT has much faith in any management, most of us have been around long enough to know better!
There have been some thoughtless postings on this forum over the last few weeks. None of us know what is round the corner, and anyone who thinks they do are deluding themselves.
Join Date: Oct 1999
Location: London, England
Posts: 39
Likes: 0
Received 0 Likes
on
0 Posts
The fact that general trading has been mostly been unaffected by the financial speculation, combined with the assesment of the lending banks accountants has no doubt played a significant part in giving MYT bankers confidence to renew it's credit facility.
There are no doubt many companies out there, in this industry and others, who would dearly love to be in the position of having all of the bad news out in the open. The new management team now have a very good position to go forward from, and have the opportunity to spring positive surprises in the future.
I just wonder how many more companies there are out there just hoping their true financial status does not come to light.
I would be surprised if MYT were the only ones with 'acccounting issues'; time will no doubt tell.
Who is going to be next to come out ?
There are no doubt many companies out there, in this industry and others, who would dearly love to be in the position of having all of the bad news out in the open. The new management team now have a very good position to go forward from, and have the opportunity to spring positive surprises in the future.
I just wonder how many more companies there are out there just hoping their true financial status does not come to light.
I would be surprised if MYT were the only ones with 'acccounting issues'; time will no doubt tell.
Who is going to be next to come out ?
Keeping Danny in Sandwiches
Join Date: May 1999
Location: UK
Age: 76
Posts: 1,294
Likes: 0
Received 0 Likes
on
0 Posts
For those who want to know the facts.
Annual results are available on the MyTravel website mytravel.com click on "Mytravel Group PLC"
Presentation
http://www.mytravelgroup.com/2002%20...%20results.pdf
Results
http://www.mytravelgroup.com/Results...ber%202002.pdf
Annual results are available on the MyTravel website mytravel.com click on "Mytravel Group PLC"
Presentation
http://www.mytravelgroup.com/2002%20...%20results.pdf
Results
http://www.mytravelgroup.com/Results...ber%202002.pdf
Alba Gu Brath
Join Date: Oct 2000
Location: Merseyside
Age: 55
Posts: 738
Likes: 0
Received 0 Likes
on
0 Posts
Sky 9
There are numerous stories about other companies being interested in parts of the MYT group, First Choice being one of them. Comments that areas of the group that don't form part of the 'core business' will be looked at, may imply that some areas will be up for sale. It's one way to improve the cash flow situation.
Whilst I don't always agree with kinsmans opinions, I'm with him/her on this. I now enjoy working for MYT A and believe that the company will emerge from the crisis all the better for it. Peoples opinions are listened to and not just dismissed out of hand. The books have been audited to death and, whilst there was accountancy discrepancies, there was no mention of fraud or deception as there was in other high profile cases.
There are numerous stories about other companies being interested in parts of the MYT group, First Choice being one of them. Comments that areas of the group that don't form part of the 'core business' will be looked at, may imply that some areas will be up for sale. It's one way to improve the cash flow situation.
Whilst I don't always agree with kinsmans opinions, I'm with him/her on this. I now enjoy working for MYT A and believe that the company will emerge from the crisis all the better for it. Peoples opinions are listened to and not just dismissed out of hand. The books have been audited to death and, whilst there was accountancy discrepancies, there was no mention of fraud or deception as there was in other high profile cases.
