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Jardine leaves MyTravel following ‘worst year in history’
MyTravel has announced losses of £73.8 million for the year, and two senior board members are leaving.
The Group delayed its financial results because of ongoing discussions with banks, but has now reached an agreement to extend its credit facility until the end of 2003.
As anticipated in the financial press, Group finance director, David Jardine is leaving the company, along with chief executive of the Global Development Division, Richard Carrick.
Chairman David Crossland (pictured) said: “MyTravel has gone through the worst year in its history. The Group’s performance has been unacceptable.”
The loss compares to the £81 million profit achieved in 2001. Although following changes to its accounting methods, the Group restated its 2001 profits to £62 million.
Shareholders will not get a final dividend this year.
MyTravel chief executive, Peter McHugh said: “With Philip Jansen, our chief operating officer, I will undertake a full strategic review to ensure the Group is in the best shape possible for the future.”
The Group is expected to sell off some of its specialist businesses next year.
Mr Jardine will be replaced by Kazia Kantor, a non-executive director.
Read our previous stories:
26-Nov-2002 MyTravel delays results
22-Nov-2002 Lastminute records first profit
05-Nov-2002 Comment on MyTravel, by Jeremy Skidmore
28-Oct-2002 MyTravel tries to quell ‘consumer hysteria’
21-Oct-2002 Carrick makes robust defence of MyTravel
18-Oct-2002 Rivals consider switching off MyTravel
08-Oct-2002 Byrne to leave MyTravel
30-Sept-2002 MyTravel issues profit warning despite positive bookings
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