 MyTravel is enjoying a turnaround in its fortunes |
Holiday group MyTravel has slashed its pre-tax losses as the company continues to recover in the face of stiff competition and higher fuel prices. Pre-tax losses narrowed to �18.3m from �153.4m a year ago, with operating profits up by �42.3m to �55.2m.
But the Rochdale-based firm, which secured an �800m debt-for-equity rescue swap last year, said extra fuel costs had cost it at least �47m.
"All in all it has been a good year," said chief executive Peter McHugh.
 |  Without the impact of fuel, we would have been a year ahead of our turnaround targets |
An upturn in bookings during the summer helped offset the financial impact of last year's tsunami in the Indian Ocean.
MyTravel reported record profits in Northern Europe, while in North American markets it described its performance as "good" despite its profit there being hit by technical problems with one of its planes.
In the UK, meanwhile, it said it had made "excellent" progress despite rocketing petroleum prices.
"Without the impact of fuel, we would have been a year ahead of our turnaround targets," Mr McHugh said.
The strong update pushed the group's shares 12.25 pence, or 6.35%, higher to close at 205.25p.
MyTravel was previously known as Airtours.
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