MyTravel in financial trouble
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Just to rub it in, BBC reports(18/10) that David Crosland's take-home pay increased by 70% in the year ended September 2001. Not surprised he is not saying much at the moment!
He will probably live to regret saying - "As largest shareholder in this group they have my total support," about his directors, including Byrne, at the time of the previous profits warning.
He will probably live to regret saying - "As largest shareholder in this group they have my total support," about his directors, including Byrne, at the time of the previous profits warning.
Mr. Crossland cancelled his appearance at the British Travel Industry conference today...probably having his testes toasted over a slow fire by the bankers/begging the major shareholders/nonexecs not to hang him just yet, or something along those lines
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Not good
Fact:
5,000,000,000 GBP turnover.
Possible Fiction:
30,000,000 GBP profit.
All well and good, because profit is profit, however the margins are tiny in the good times and My Travel have deceived the market this year.
A 30,000,000 GBP profit may not exist after the bean counters really get stuck in.....and that would finish the whole thing off totally.
Bad news comes in Three's. This is the fourth profits warning from this mob now, so perhaps another two to come????
I believe the shares will slide through 12pence and into single figures. And before you ask, I used to trade AIRTOURS shares in the City before I changed careers to IT flying.......so, hence my guess work on the price theory.
They are 19pence now. How many would you like me to sell you??
The following faces show how the reaction of the city has gone.......let's hope there is not more to come.
.
5,000,000,000 GBP turnover.
Possible Fiction:
30,000,000 GBP profit.
All well and good, because profit is profit, however the margins are tiny in the good times and My Travel have deceived the market this year.
A 30,000,000 GBP profit may not exist after the bean counters really get stuck in.....and that would finish the whole thing off totally.
Bad news comes in Three's. This is the fourth profits warning from this mob now, so perhaps another two to come????
I believe the shares will slide through 12pence and into single figures. And before you ask, I used to trade AIRTOURS shares in the City before I changed careers to IT flying.......so, hence my guess work on the price theory.
They are 19pence now. How many would you like me to sell you??
The following faces show how the reaction of the city has gone.......let's hope there is not more to come.
.
Last edited by tailscrape; 21st Oct 2002 at 16:15.
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763 Jock, don't be wound up by the previous poster, he's a shellsuit, and whilst the majority of our colleagues will have empathy (there but for the grace of God etc.) there will always be the odd one or two smart alecs wanting to gloat. I don't know why, but there you are. Perhaps he was abused in his former life in the city, or is now as a 75 F/O 
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763 Jock,
I do not have any MT shares to sell. I have NEVER owned any MT shares personally. So, perhaps I AM smart in that respect. But that is not the point.
It would seem you are employed by a company in trouble ( in my opinion) which is a shame, but not surprising. Whilst all others made cuts and suffered, MT sat back,spent money and bullsh?tted that they were fine....... you believed it as employees and shareholders.
The industry needs MT to survive therefore I hope you do that and that you keep your job, but face it.... your shares are damn near worthless and you are in deep sh?t. Don't blame me, just because I was formerly a City Trader, and equally don't assume anything about my personality please.
Scallywag,
I am not a Shellsuit. Nor would I want to be a Shellsuit.
And as for being a 757 F/O, you are correct. I am, and I am happy to be.
After all, it would be impressive if I had got Command in my first Commercial job in less than 2 years......with insufficient hours for command.
Oh, but I could have doctored my logbook.
My comments on MT are based on the FACTS we know them, and my personal opinion....... which is at least as valid as yours seeing as I have all my professional "City" exams.........and an ATPL....... do you have all of these things too?
I am justing pointing out my opinion, so to you as well, calm down........ this whole board works on rumour,gossip,opinion and boll?cks being talked..........by everyone. Don't be so f'ing precious!!!!
I do not have any MT shares to sell. I have NEVER owned any MT shares personally. So, perhaps I AM smart in that respect. But that is not the point.
It would seem you are employed by a company in trouble ( in my opinion) which is a shame, but not surprising. Whilst all others made cuts and suffered, MT sat back,spent money and bullsh?tted that they were fine....... you believed it as employees and shareholders.
The industry needs MT to survive therefore I hope you do that and that you keep your job, but face it.... your shares are damn near worthless and you are in deep sh?t. Don't blame me, just because I was formerly a City Trader, and equally don't assume anything about my personality please.
Scallywag,
I am not a Shellsuit. Nor would I want to be a Shellsuit.
And as for being a 757 F/O, you are correct. I am, and I am happy to be.
After all, it would be impressive if I had got Command in my first Commercial job in less than 2 years......with insufficient hours for command.
Oh, but I could have doctored my logbook.
My comments on MT are based on the FACTS we know them, and my personal opinion....... which is at least as valid as yours seeing as I have all my professional "City" exams.........and an ATPL....... do you have all of these things too?
I am justing pointing out my opinion, so to you as well, calm down........ this whole board works on rumour,gossip,opinion and boll?cks being talked..........by everyone. Don't be so f'ing precious!!!!
Last edited by tailscrape; 21st Oct 2002 at 16:22.
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tailscrape
if you are not a shellsuit and have never owned MT shares then what is that post on the 2bob forum about then or are you telling porkies !?!
.............by the way shellsuit is a nickname for 2bob because of the lovely paint job and uniforms
if you are not a shellsuit and have never owned MT shares then what is that post on the 2bob forum about then or are you telling porkies !?!
.............by the way shellsuit is a nickname for 2bob because of the lovely paint job and uniforms
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Tailscrape,
Quite frankly sir, I couldn't give a toss whether you are an expert on all matters "City" or not, and nor do I personally agree with your opinion. You are entitled to it, as is everyone, and I respect you for your views, but please do try to bear in mind the feelings of those who are at the moment worried whether they are going to be able to pay their mortgages next month. This is an extremely worrying time for us in MYT, and I have been heartened by the many kind words of support I have received in passing from nearly every other crewmember I have seen, from many different airlines.
Whether we go bust or not, which I personally don't think is going to happen but we'll see, comments such as yours only serve to inflame the feelings of those who are already feeling more than a little tender. For example
"but face it.... your shares are damn near worthless and you are in deep sh?t. Don't blame me "
Not helpful. I hope that you never find yourself in this situation, because I along with many others on this forum can tell you without reservation - it's not nice!
As I say, I respect you for your views, but please try and empathise with your fellow professionals who may be staring unemployment in the face through no fault of their own instead of making unhelpful comments. A few words of support might be nice!
And don't start me on City "experts" - they have been the downfall of many a good company. The only thing they are interested in is trading volume and their respective bonuses. Don't tell me it's not true - I used to work there too.
Quite frankly sir, I couldn't give a toss whether you are an expert on all matters "City" or not, and nor do I personally agree with your opinion. You are entitled to it, as is everyone, and I respect you for your views, but please do try to bear in mind the feelings of those who are at the moment worried whether they are going to be able to pay their mortgages next month. This is an extremely worrying time for us in MYT, and I have been heartened by the many kind words of support I have received in passing from nearly every other crewmember I have seen, from many different airlines.
Whether we go bust or not, which I personally don't think is going to happen but we'll see, comments such as yours only serve to inflame the feelings of those who are already feeling more than a little tender. For example
"but face it.... your shares are damn near worthless and you are in deep sh?t. Don't blame me "
Not helpful. I hope that you never find yourself in this situation, because I along with many others on this forum can tell you without reservation - it's not nice!
As I say, I respect you for your views, but please try and empathise with your fellow professionals who may be staring unemployment in the face through no fault of their own instead of making unhelpful comments. A few words of support might be nice!
And don't start me on City "experts" - they have been the downfall of many a good company. The only thing they are interested in is trading volume and their respective bonuses. Don't tell me it's not true - I used to work there too.
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One of Tailscrape past posted will give you his company info.
http://www.pprune.org/forums/showthr...229#post558229
http://www.pprune.org/forums/showthr...229#post558229
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Dear Tailscrape
I think everyone owes you a huge apology, you clearly are not a shell suit. This man clearly has great expertise in the Banking world!!!!!
Congratulations on the new job by the way 767 Jock.
I think everyone owes you a huge apology, you clearly are not a shell suit. This man clearly has great expertise in the Banking world!!!!!
Congratulations on the new job by the way 767 Jock.
Last edited by kinsman; 21st Oct 2002 at 19:41.
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Dear all
According to our company web site we sold a lot of holidays over the weekend despite the press reports. We also seem to have the support of ABTA and so far the CAA. We are told we will still make a sizeable profit, the details if which will become clear in November.
Now I am sure tailscrape will tell us that this is all BS but I am inclined to look on the positive side and believe them.
According to our company web site we sold a lot of holidays over the weekend despite the press reports. We also seem to have the support of ABTA and so far the CAA. We are told we will still make a sizeable profit, the details if which will become clear in November.
Now I am sure tailscrape will tell us that this is all BS but I am inclined to look on the positive side and believe them.
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I am not one to sit in judgement on anyone, my career and my experience are my own affair, and I don't normally comment on the unwise and daft detractors.
However, I am prepared to make one concession to this and just say to tailscrape that his outbursts are usually indicative of someone desperately trying to make a point without making it at all.
This from him is a good indication of what I aver. His opinion of what is actually happening at the moment bears no relation to fact. What I have written IS fact - as it is reported.
See the point I make. It is best to let the ranters rant. Ignore them without comment and continue with a most important subject. They soon go away.
In that regard I note that Barclays have scrapped their facilities with MYT bad, but not unusual. RBS have not said anything yet and they will probably await the outcome of their people who must be in there by now.
I daesay that as the company is profitable, and it is seen as saveable, as I said before it has a lot of cash and good assets. The £900m in aircraft leasing is a sword that most airlines carry.
What is worrying is the urgent request by 'whoever' that MYT prepares fresh accounts dating back to 2000. What that means is that there is doubt as to their veracity. Should then MYT's credibility come into question - then nasty worms can turn.
For the time being, wild and dangerous assumptions do not do our colleagues any good at all. I feel for them. They must be worried sick. It happened to me three times. As it tends to do in this industry.
Just DO NOT jump to conclusions before the facts have been stated. And don't listen to the 'mongers' - whatever prefix they have chosen.
However, I am prepared to make one concession to this and just say to tailscrape that his outbursts are usually indicative of someone desperately trying to make a point without making it at all.
This from him is a good indication of what I aver. His opinion of what is actually happening at the moment bears no relation to fact. What I have written IS fact - as it is reported.
I am justing pointing out my opinion, so to you as well, calm down........ this whole board works on rumour,gossip,opinion and boll?cks being talked..........by everyone. Don't be so f'ing precious!!!!
In that regard I note that Barclays have scrapped their facilities with MYT bad, but not unusual. RBS have not said anything yet and they will probably await the outcome of their people who must be in there by now.
I daesay that as the company is profitable, and it is seen as saveable, as I said before it has a lot of cash and good assets. The £900m in aircraft leasing is a sword that most airlines carry.
What is worrying is the urgent request by 'whoever' that MYT prepares fresh accounts dating back to 2000. What that means is that there is doubt as to their veracity. Should then MYT's credibility come into question - then nasty worms can turn.
For the time being, wild and dangerous assumptions do not do our colleagues any good at all. I feel for them. They must be worried sick. It happened to me three times. As it tends to do in this industry.
Just DO NOT jump to conclusions before the facts have been stated. And don't listen to the 'mongers' - whatever prefix they have chosen.
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I sincerly wish all at MYT the very best in the future, no true proffesional on this site wishes to see more job losses in our industry.
The problem is that the facts dont lie.
MYT have massive debts and the so called GBP 30 million profit is nothing on a turnover of some GBP 5 billion. Surely this and more will be taken up just supporting there debt.
The biggest problem facing MYT is the accounting irregularities. I am hearing from many quarters that there are more holes coming to light and when these are announced the share will collapse even further.
The only way out now will be to scale down and sell off assets. IMHO I think Cresta will be one of the 1st to go....
Before you all nail me to the cross (like you do so many), I am only telling it how I see it. I am afraid things are alot worse than they seem... and they seem very bad.
Once again I hope as many jobs can be saved as possable... and If there is any anger to be vented, then send it Crosslands way ??
We all know he will be alright !!
The problem is that the facts dont lie.
MYT have massive debts and the so called GBP 30 million profit is nothing on a turnover of some GBP 5 billion. Surely this and more will be taken up just supporting there debt.
The biggest problem facing MYT is the accounting irregularities. I am hearing from many quarters that there are more holes coming to light and when these are announced the share will collapse even further.
The only way out now will be to scale down and sell off assets. IMHO I think Cresta will be one of the 1st to go....
Before you all nail me to the cross (like you do so many), I am only telling it how I see it. I am afraid things are alot worse than they seem... and they seem very bad.
Once again I hope as many jobs can be saved as possable... and If there is any anger to be vented, then send it Crosslands way ??
We all know he will be alright !!
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Give A Dog A Beach - You may be right about the further accounting problems but the only folks who have the true answer to that are the auditors and the MYT board, anyone else is just speculating like the rest of us. As for the shares collapsing, well with the current share price it would be more of a gentle flop!
Frankly I am very angry and disappointed with our board and accountants, this is a great company and did not need sharp practice to survive.
Frankly I am very angry and disappointed with our board and accountants, this is a great company and did not need sharp practice to survive.
All I can add to the debate is, that I was given the go ahead today for a 3 week photo shoot in Thailand for the Winter 2004 Airtours Brochure.
Either the Brochure Production Dept is fiddling whilst Rome burns, or continuity is the name of the game.
Airtours is dead - - - - long live MYT
Either the Brochure Production Dept is fiddling whilst Rome burns, or continuity is the name of the game.
Airtours is dead - - - - long live MYT
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Whilst not wanting to be even more depressing........MYT may post a profit, they may be stable, all the necessary directors may be disposed of, the accounts may be found in order............However, if the people who pay our wages in this industry, stop booking holidays, game over.
So far there has been very little impact on mainstream media about MYT, it seems to have been limited to city news and financial info. I am sure it was posted a while ago that if this manages to get onto front page newspapers, it will decimate MYT.
I sincerely hope for everyone's case that there is responsible journalism about it. The last thing we need is scaremongering with the travel industry which is in a fragile state for all operators at the moment.
My support goes out to all employees of one of my former companies, keep your heads up high !!
So far there has been very little impact on mainstream media about MYT, it seems to have been limited to city news and financial info. I am sure it was posted a while ago that if this manages to get onto front page newspapers, it will decimate MYT.
I sincerely hope for everyone's case that there is responsible journalism about it. The last thing we need is scaremongering with the travel industry which is in a fragile state for all operators at the moment.
My support goes out to all employees of one of my former companies, keep your heads up high !!
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Started doing ground handling for MYT again way back in april. Remember it like it was yesterday, We told the Company (Ringway) Dont do it we cried. You remember what happened last time we did it. But did they listen , Not a word. Well here we are at the end of the season, Far from being wiser we are on the verge of going under.But look I see a light at the end of the tunnel is that Mr My Travel down there with his wallet out. Yes it is . I heared the contract was up for renewal. Heard rumour we need an extra 15% off this lot to turn us back into profit after this summer. What with all the Type changes and aircrft going late.
But No Mr MYT is asking for a reduction on last years prices.
Can we do it...... I think Not.
Silver trails left by Snails.
But No Mr MYT is asking for a reduction on last years prices.
Can we do it...... I think Not.
Silver trails left by Snails.
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Ground Handling.................Ha!
How you can even think about asking for any money in respect of what laughably passes for ground handling makes my blood boil !
We have consistently over the season,had to wait for tugs to get us away on time,and steps when we get back.
Try getting your house in order and you might be worth what we (over)paid you last year.
We have consistently over the season,had to wait for tugs to get us away on time,and steps when we get back.
Try getting your house in order and you might be worth what we (over)paid you last year.