News blog
Travelzest
- BY: Andrew Hore |
- POSTED: 22/07/2011 |
Travel operator Travelzest reported improved interim revenues and underlying profit but current trading in the UK market is weak and Travelzest may not meet full year expectations.
Travelzest says UK summer bookings were 57% lower at 9 July, which follows a 45% fall in winter departures. Canada is trading strongly so overall departures are up on the previous year.
Revenues moved ahead from £18.9m to £19.8m in the six months to April 2011. Underlying pre-tax profit edged up from £2.15m to £2.38m. That excludes one-off costs which rose from £404,000 to £1.56m. This mainly relates to restructuring costs.
This year’s exceptional charges should be below last year, which totalled £1.92m.
Net debt was £8.49m at the end of April 2011.
At 9.5p a share, down 5p, Travelzest is valued at £13.8m. The company remains in discussions with a potential bidder.
Download the June 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFJuly2011_22.pdf
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