First Choice reports ‘post-war’ upturn
First Choice says Summer bookings have picked up, but not enough to raise performance above expectations.
The company said customers postponed bookings when the war broke out in Iraq. However, in the last two weeks First Choice says it has noticed “encouraging signs in booking levels for Summer across the Group’s businesses”.
In a statement the group said it expected profits for the first half of the year to be broadly similar to last year. This would set pre-tax profits for the six months to 30 April at around £47.5 million.
It appears that capacity cuts made in March due to the outbreak of war in Iraq have paid off, and enabled the group to stay within expectations.
On the eve of the announcement, First Choice shares increased in value, bucking the trend of the otherwise static travel sector. First Choice shares added four pence yesterday for an 89 pence close.
First Choice launches the remainder of its Summer 2004 brochures tommorrow (Thursday 1 May). The brochures show a shift in focus to family holidays and luxury sun holidays. First Choice Families replaces the Familyplus brochure, and a new brochure, called Premier Choice will feature luxury hotels and "adult-focussed" hotels.
A spokeswoman for First Choice told TravelMole that prices had increased in some brochures, notably the premium and Mediterranean holidays. The operator is blaming the strong value of the euro against the pound for the price hikes, and insists its prices are in line with other operators.
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