All Leisure losses deepen
All Leisure Group has posted an operating loss of £13.3 million for the six months to the end of April, which was £2.1 million more than for the same period last year despite an improved year-on-year cruise performance.
However, the group’s overall loss included £1.3 million of restructuring costs related to the closure of its Burgess Hill office.
It also included £2.4 million relating to six months’ of seasonal losses in the tour operating division (previously Page & Moy), which were in line with budgetary expectations.
On a like-for-like basis, the group reduced its loss to £9.7 million.
Executive chairman Roger Allard said: "It is regrettable that the recent mechanical problems with MV Voyager, tough trading conditions and unfavourable political events in Egypt will impact performance for the second half of 2013.
"However, despite this, I am extremely pleased to report that we are enjoying the benefits of introducing the tour operating division into the group, complementing our existing products and creating encouraging cross-selling opportunities.
"Furthermore, I am excited for the future of the group following the recent successful integration of Page & Moy and am confident of achieving in the region of £1.5 million in full year overhead savings in 2014 following the closure of the Burgess Hill office and rationalisation of senior management within the group.
"We believe that we have laid solid foundations for future growth which can be enjoyed once the wider economic environment and trading conditions improve."
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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