Cruise and tour operator All Leisure Group expects to make a small profit in the year to October 2012.
The Page & Moy operations acquired in May have performed better than expected and even Discover Egypt made a profit.
The cruise business took advantage of the weak trading conditions to refurbish a number of its ships. A new joint venture has been formed with Cruise & Maritime Voyages to market mv Discovery. Overall capacity will be lower in the current year.
All Leisure has hedged nearly all of its currency requirements for this year and around 30% of its fuel requirements for the period.
Trading will continue to be difficult this year but there will be some benefits from putting together the cruise and tour businesses.
The full year figures will be published in February.
At 24.75p a share, up 1.5p, All Leisure is valued at £15.3m.
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