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MyTravel issues trading statement
MyTravel has attempted to reassure the City about its future prospects by issuing a trading statement pointing out that it is performing in line with expectations.
According to the statement, released yesterday (July 23), MyTravel has now sold over half of the one million summer 2002 holidays that it still had left in May, when it released its disappointing interim results.
In the UK, MyTravel said that Summer 2002 bookings are now only 5% behind last year’s levels with selling prices in the lates market up 7% on last year.
However the group added that in Scandinavia and Germany the “lates market remains weak”. Capacity cuts in the two countries mean summer 2002 bookings are currently at 79% and 60% of last year’s respectively.
MyTravel chief executive Tim Byrne said: “The first quarter of our financial year, which immediately followed the events of 11 September, were extremely difficult for the group. However, we returned to growth in the second quarter and anticipate further growth in the second half of the year. The fundamental underlying strengths of the business, and its future growth prospects, remain strong.”
He added: “Improved efficiency from our existing businesses and understanding our 15 million customers better, through the use of leading edge distribution techniques, will ensure we continue to deliver increased value to our shareholders.”
See this week’s TravelMole Interview with Seamus Conlon, Airtours Holidays
Also see our previous stories:
22-Jul-2002: MyTravel appoints new European chief
12 Jul 2002: Airtours gambles on clearer brochure prices
24 Jun 2002: Ryanair’s Tim Jeans to join MyTravel
07 Jun 2002: EC “was wrong” to block Airtours/ First Choice merger
22 May 2002: MyTravel to launch ‘no-frills’ airline
30 Apr 2002MyTravel to increase proportion of seat-only sales
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