First Choice suffers slip in profits
First Choice has announced a slip in full-year pre-tax profits.
The company reported this morning that it has recorded a year-end profit before tax goodwill and exceptionals of £72.5m. Last year it made £79.6m.
Despite the fall in profits, the company said the results were “pleasing” in one of the “toughest and most challenging years for the travel industry”.
The UK and Ireland mainstream tour operating businesses delivered a £5.6m increase in its operating profit. Group operating profit from specialist businesses increased by 7% to £39.3m (2001: £36.6m).
Turnover for the year decreased by 8% to £2.183 billion from £2.369 billion.
Commenting on the results, First Choice chief executive Peter Long said: “We have a strong portfolio of businesses, both mainstream and specialist and a collection of leading leisure travel brands across the Group.
“We have developed a business model that can reach quickly to changes in booking patterns should it be required. Given the strenth and depth of our management team, I am confident that we can take advantage of the significant opportunites for profitable growth that exist.”
First Choice’s shares closed yesterday (10 December) at 98.5p. At 9am today they were 4.1% higher at 102.5p.
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