03 July 2009

Ferrin and East stand down from Allbury

Allbury Travel Group CEO Eammon Ferrin and chairman Michael East are to step down as directors of the company.

They will continue in a management consultancy capacity to oversee the completion of this summer’s trading.

The duo will also assist the board in the transition to a new management team.

The change follows a turnaround project for the group which includes brands such as Libra, Argo, Jetlife, Sky and Priceright.

Ferrin said significant progress had been made over the last two years to return the group to health.

Trading profit for winter 2008-09 was achieved for the first time in several years, a company statement said.

But summer 2009 trading conditions are likely to remain particularly challenging for euro-dominated destinations.

Ferrin said the company had "correctly anticipated" this downturn in euro demand and had set capacity to optimise yields, which remain in line with company targets.

He said late bookings had increased significantly in recent weeks and were in line with the general marketplace.

"For the year ending October 2008 the business achieved a significant turnaround in underlying operating profitability and has delivered to its objectives by significantly reducing operating costs and balancing charter capacity to meet profitable demand," Ferrin said.

East said: "Since November 2007, the team, managed by Eamonn Ferrin, has completed the turnaround of the Allbury business and has significantly improved its operating profitability.

"The business has been recapitalised, has moved to the levy system, achieved a profit in winter 2008/09 and is on track to achieve company targets for fiscal 2008/09."

"A new management team will be appointed imminently after completion of our negotiations."

by Phil Davies

Alry

The executive board of Allbury Travel Group Ltd and the Bridge Investment Club said: "We would like to thank the management for their invaluable contribution in turning the group around and fulfilling our agreed timeframe.