Published on Friday, July 29, 2011

All Leisure improves in 'most difficult conditions for 30 years'

All Leisure Group narrowed its losses and increased its revenues in the six months to the end of April, despite claiming to operate in the most difficult market conditions for 30 years.

The company, which owns Voyages of Discovery, Swan Hellenic, Hebridean Island Cruises and Discover Egypt, reported first half revenues up to £34.8m from £32.4m.  Pre-tax losses fell to £4.2m from £4.5m and operating losses narrowed to £4.2m from £4.7m.

Executive chairman Roger Allard said the industry was experiencing its most difficult period for 30 years.

"Against a backdrop of unprecedented natural disasters and geo-political events, and despite the challenging market, reduced spending, persistent low interest rates, increased oil prices and a weak pound, we are pleased to announce results ahead of last year," he said.

Allard said the board was satisfied with the company's performance, particularly considering the disruption caused by the snow in December 2010, the cancellation of the peak Nile cruise programme in Egypt and repatriation costs, and rising fuel prices.

"It is pleasing that our occupancy on our Ocean fleet has increased to 79% from 76% and that we have also invested in the mv Alexander von Humboldt by adding 18 further cabins and 20 new balconies."

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