Holidaybreak cuts winter losses
Wednesday, 13 May, 2010
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Education, leisure and activity travel group Holidaybreak cut winter losses from £18.1 million to 17.7 million for the six months to March 31.
The group said the volcanic ash crisis that resulted in closure of much of Northern Europe’s airspace has not had a material impact on its overall financial performance.
Sales for hotel breaks in the current year is 3% below last year while adventure travel and camping sales are both 2% ahead of last year, with an 8% reduction in camping capacity..
Education division sales are level with last year on a like-for-like basis. The division is currently 93% booked for 2010 and 30% for 2011.
Chairman John Coleman described the half year results as “encouraging”.
He said: “The strong focus on cash management has resulted in a £30.1m reduction in net debt, compared with 31 March 2009, after adjusting for the rights issue and for the purchase and development of PGL’s Liddington site.
“Sales intake relative to last year has improved, reflecting the fact that customers are now booking later.
"We continue to look at ways of exploiting opportunities for investment in our education businesses whilst remaining focused on cash generation and cost control across the entire group.
“The board anticipates that the group will perform in line with its expectations for the year ending 30 September 2010.”
by Phil Davies
Phil Davies
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