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First Choice sees bookings pick up
First Choice claims bookings for summer 2004 have picked up since Christmas but UK and Ireland business is still 6% down year on year. The group’s UK and Ireland division has seen summer bookings ahead 38% year on year in the last four weeks. This compares with a slump of 20% prior to 9 December, 2003. The company now says it is cumulatively 6% behind this time last year. First Choice said it had a “similar number” of holidays left to sell for winter 2003-04 as last year with margins in line with 12 months ago. Demand for its cruise arm Island Cruises has been “strong” and the business is expected to break even by the end of the financial year. First Choice has taken a “strategic decision” to reduce its level of flight-only sales while increasing the proportion of higher margin package holidays. Giving a trading update at the AGM today, the company revealed the level of online bookings had doubled over the same period in 2003 “and we see this route to market as being a key element of our distribution capability both for full brochure sales and late holidays”. First Choice also said it had acquired UK soft adventure The Adventure Company for £3.1 million from ebookers to bolster its expanding activity division which already includes Exodus, Waymark, Trek America and Trips Worldwide. Summer bookings for activity holidays are 18% up on this time last year. The group has also secured a £310 million credit facility running to March 2008 through its banking syndicate, replacing a previous facility which was due to run until September. Chairman Ian Clubb, who stands down today, said the group continued to trade in line with expectations “as a result of our successful and clearly differentiated strategy”. He said: “We are seeing positive trends across the business, with strong winter trading and, as anticipated, bookings for summer ’04 strengthening significantly. “We highlighted in December that the shift to a later booking pattern is now a permanent feature and our current booking pattern bears this out. “Our strategy of developing high margin specialist businesses provides us with a strong platform for future growth.” Report by Phil Davies
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