Carrick makes robust defence of MyTravel
ABTA Convention Special: MyTravel global development chief executive Richard Carrick has made a robust defence of the company following the recent profits warnings and collapse of the share price.
In a dig at Thomas Cook, Carrick said that it was more profitable than some of its rivals and claimed its trading position was strong.
“We have mismanaged city expectations and the share price has hit the floor,” said Carrick.
“But we have committed credit facilities and substantial net assets. There are other big travel businesses that have not made money while we are a profitable business.
“Our trading position is strong and sales for summer 2003 are 44 percent up on last year.”
Many of the sales have been booked without a deposit, but MyTravel UK chief Duncan Wilson said he expected only three to five percent of those people to cancel.
Wilson said the negative publicity surrounding the company had led to only a ten percent drop in sales for Airtours Holidays and had not affected any of its other 20 businesses.
MyTravel has admitted accounting irregularities and has a total 450 million pounds of debt.
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