CNG high hopes for 2005
CNG Travel Group failed to meet its profit targets last year, posting losses of $5.5 million.
The company launched an online agency hotel booking product last year, Travel Lodging Connector (TLC), which despite a good uptake in the industry was not getting the level of bookings CNG had hoped for with regards to the company’s own hotel stock.
Gross hotel booking value reached $44.5 million through TLC, according to the company, but the launch of multi-GDS versions of TLC and introduction of “Prompt Pay” is anticipated to boost bookings, particularly for CNG’s own hotel stock.
In a brokers note CNG said, “2004 has clearly been a struggle”.
One of the challenges it has faced according to management is the move by major hotel brands to take distribution in house by guaranteeing the best rates on their own websites and more strictly controlling relations with online distributors.
A spokesman for the CNG also told TravelMole that as occupancy continues to pick up hotels have become more discerning about the distribution channels they use.
CNG described 2004 as a “false start”, with turnover up 15% year-on-year to $55.5 million, but a pre-tax loss of $5.5 million.
The AIM-listed company says it hopes to achieve profit in 2005 for the group.
Report by Ginny McGrath
Ginny McGrath
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
TAP Air Portugal to operate 29 flights due to strike on December 11
Qatar Airways offers flexible payment options for European travellers
Airlines suspend Madagascar services following unrest and army revolt
Digital Travel Reporter of the Mirror totally seduced by HotelPlanner AI Travel Agent
Strike action set to cause travel chaos at Brussels airports