MyTravel cuts its losses

MyTravel has made an operating profit for the year of 8.3m compared with a £358.3m loss last time. Operating results for the year to end-Sept by division show that the UK lost 59m compared with a £325.4m loss; Northern Europe made £46.2m (2003: 4m loss): North America made £14.1m (2003: 0.1m loss). Chief exec Peter McHugh said the results reflected a ‘successful turnaround’ in Northern Europe and North America: “However, there is still some way to go in returning the UK business to sustainable profitability. “MyTravel remains confident that its restructuring will be implemented by the year-end. It has received further indications from the CAA that the outcome of the restructuring will be acceptable.” In early trading this morning, MyTravel shares rose 0.25p to 5.5p. Report by Tim Gillett, News From Abroad Ltd