CMV reassures customers as All Leisure writes off cruise ship
CMV has been reassuring customers after All Leisure Group announced plans to dispose of a ship it operates.
The travel firm revealed pre-tax losses of up to £14 million for 2013, compared to a profit of £800,000 the previous year, in a trading statement yesterday ahead of its results on February 24.
It said the ‘non cash’ losses include a £6.7 million loss on MW Discovery which it will dispose of at the end of the summer.
The group said profits should benefit from the removal of Discovery’s £4 million a year losses having seen the value of mature cruise ships reduced significantly in the last 12 months.
But Cruise and Maritime Voyages’ operates the Discovery cruise ship in a joint venture with All Leisure Group which runs until November, with the last departure on October 21.
CMV rushed to confirm its Summer 2014 cruise programme will operate as scheduled with the 20,000 passenger capacity ex-UK regional programme already 70% sold.
Chris Coates, CMV’s commercial director said: "Having contributed the vast majority of business for Discovery, we are pleased with the results we have achieved from our side.
"We look forward to working with All Leisure Holidays, our joint venture partners during the 2014 season and will shortly be releasing full details of our 2015 programme."
All Leisure which includes Voyages of Discovery, Swan Hellenic, Hebridean Island Cruises, Travelsphere, Just You and Discover Egypt, said underlying profits for 2013 should be ‘in line with last year’ at around £900,000.
But the closure of its Burgess Hill and Southampton offices cost the company £2.1 million.
Following the purchase of Page & Moy in 2012, All Leisure announced plans to relocate to its offices in Market Harborough, Leicestershire last April.
The group also suffered losses of about £500,000 from further Nile cruise cancellations and US escorted tour cancellations due to park and monument closures.
Currency factors led to a non cash charge of approximately £4.3 million.
However the travel firm, which specialises in the over 55s market, said it was ‘structuring itself for the future’.
Forecasts for 2014 are £2.5 million profit and for 2015, £6.5 million.
This is expected to come from higher revenues and better load factors in cruising and due to re-structuring and slightly higher pricing in tour operating.
Diane
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