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Last Updated: Thursday, 15 June 2006, 07:03 GMT 08:03 UK
MyTravel recovery as losses cut
Holidaymakers in a pool
MyTravel is heading towards less choppy waters
Holiday group MyTravel has reported a cut in half-year losses, boosted by a general pick-up in winter trading.

MyTravel said pre-tax losses fell to 70.3m ($130m) in the six months to the end of April, compared with a 119.5m loss at the same time last year.

The UK firm, which was on the brink of collapse in 2004, said its British and Northern European operations were continuing to improve.

But higher fuel costs hit profits at the firm's North American operations.

'Continued progress'

MyTravel, which was formerly known as Airtours, said the increased price of fuel and foreign currency had cost it more than 25m during the first half of its financial year.

Summer bookings showed signs of improvement, the company said, although they remained slower than in 2005.

"We continue to make good progress towards our targets," said chief executive Peter McHugh.

"Our priority remains improving the performance of our UK operations. Overall, our recovery is on schedule and I am confident of our continued progress."

MyTravel, which suffered a severe drop in trade following the post-September 11 downturn in international travel, secured an 800m debt-for-equity swap in 2004 as part of a wide-ranging rescue plan.




SEE ALSO
MyTravel basks in strong trading
15 Dec 05 |  Business
Watchdog fines MyTravel 240,000
14 Jul 05 |  Business
MyTravel recovery 'on schedule'
23 Jun 05 |  Business
MyTravel secures debt rescue deal
20 Dec 04 |  Business

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