MyTravel cautious about the future
MyTravel is still speaking cautiously about its prospects, and says forward bookings are at a satisfactory level.
In a statement the travel group said: “The Board continues to believe that a turnaround can be acheived although the Group still faces significant challenges which will take time to overcome.”
According to MyTravel, its biggest challenge is to maintain sufficient cash resources by continuing to drive down costs and sell non-core businesses.
The statement continued: “In the medium-term, the Group’s earnings and cash flow will remain subject to significant risk through its high fixed cost structure and high levels of indebtedness and the Group will have to continue to manage its resources carefully.”
However, MyTravel says it has already achieved its targets for cost savings in 2003. In addition, the operator says forward bookings for this winter and next summer were “satisfactory at this stage and are at acceptable margins”.
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