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Winter losses cut by Western & Oriental
Acquisitive specialist luxury travel group Western & Oriental reduced winter losses by £100,000 – and is in discussions over further purchases.
The company, which raised £4.2 million with a listing on AIM in March, saw half year losses for the period to March 31 reduce to £700,000 from £800,000 – a level described as being in line with management expectations for the seasonally weaker half of the financial year.
The value of forward sales amounted to £6.2 million at the end of March compared with £1.9 million in the same period last year.
Western & Oriental acquired Ranch America and Lynton Cooper in the period, followed by Travel Management Team in April.
Chairman David Howell, former finance director at lastminute.com, said: “We have successfully built a platform from which we can focus on buying and integrating complementary acquisitions to the group.
“Our build and buy strategy continues with a strong pipeline of businesses with which we are in discussions.
“The integration of the businesses acquired to date is on track and will deliver meaningful cost savings and cross selling opportunities as the year progresses.”
Report by Phil Davies
Phil Davies
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