Globespan returns to the black
Scottish travel group Globespan returned to the black last year following a loss-making 2007.
In a trading statement issued ahead of audited accounts, chairman Tom Dalrymple disclosed that the Globespan Group made a profit of £1.2 million in the year to October 2008.
The group, which operates the Flyglobespan airline offering low cost flights and holidays to Canada, the US and continental Europe, posted “significant” unspecified losses for the year ending October 2007 – the first in its 35 year history.
Dalrymple said then that problems on transatlantic routes, caused in particular by the poor performance of two aircraft leased from Icelandair, had been the prime factor in the company’s disappointing year.
"I said then that 2007 was a blip – a one-off year in what had been over 30 years of successful trading, and one that wouldn’t happen again. And I was right,” he said.
"We learned quickly from those experiences. Last year we flew only our own aircraft and the difference has been hugely satisfying – with record load factors for our sector.
"We are back into profit and, had the fuel rises not been so steep, that profit would have been considerably more. But, considering the difficulties of the sector, I have no complaints."
He added: "Despite difficulties caused by the unprecedented increase in the cost of aviation fuel, we have turned round the problems of the previous year and are back into profit.
"I look at how our competitors faired last year and see big names talking about profits down 45%, 47% or even, in one national carrier’s case, 92%. That shows how challenging a year it was, and in this context underlines how good our figures are.
"Our customer’s loyalty has always been one of our biggest strengths and we don’t take this for granted. It is clear that our core business model is working and we are delivering the product that our customers want."
Looking forward, Dalrymple added: "Our outlook for the future is positive. Globespan has no debt, we have cash reserves built up from nearly 35 years of trading and we also have significant property assets.”
Group CEO Rick Green said: "Looking forward, our sales and revenues are on plan. Our core routes for 2009 are holding their popularity and our new destinations in Turkey and Egypt are performing exceptionally well.
"We are in a good position but will never get complacent. By continuing to improve the standard of our product and listening to our customers we are confident that we will remain the number one choice for the Scottish travelling public."
Phil Davies
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