Cruise and domestic targeted by MyTravel

Saturday, 14 Dec, 2006 0

MyTravel has signalled a return to cruise operations as well as entry into the UK domestic market.

The company sold its successful Airtours SunCruises arm as part of restructuring plans which were completed two years ago.

But in today’s year-end results statement, the group said it was looking to enter the domestic leisure market and cruise operations following a detailed strategic review to plan for the 2007-09 period.

MyTravel also wants to expand cruise distribution, independent travel and “non-risk” speciality packages.

The group said it wants to develop consolidation opportunities principally in the UK and expand its brand reach.

Referring to the possible acquisition of the First Choice mainstream business (see linked story), MyTravel said it believes this is an opportunity which could deliver “significant value” to both First Choice and MyTravel shareholders, given the value of potential synergies and other consolidation benefits.

“Any offer by MyTravel would be in cash, financed through a mixture of new debt and equity.”

The company reiterated its November 27 statement, saying discussions are at an early stage and there is no certainty that any transaction will occur.

“The group’s overall goal is to become a leading leisure travel business, delivering shareholder value,” a statement said. “Our success will be measured not by the group’s size but by our profitability, the quality of our operations and products, and our relations with our people, our customers and our shareholders.”

Report by Phil Davies

Phil Davies

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