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Travelzest

  • BY: Andrew Hore |
  • POSTED: 04/01/2013 |

Cost cutting helped Canada-focused tour operator Travelzest to offset a decline in revenues in the year to October 2012.

Revenues from continuing operations fell from £25.4m to £24.1m, while underlying operating profit slipped from £6.19m to £5.88m. However, net interest payments increased from £2.3m to £3.16m.

Net debt was £15.5m at the end of October 2012, up from £11.2m a year earlier.

All of the UK operations will be sold or wound down by March.

The formal sales process is continuing and negotiations with the management-backed potential buyer of the Canadian operations continue. If the sale goes ahead the borrowings should be paid off and some cash could be paid back to shareholders.

At 5.25p a share, Travelzest is valued at £7.62m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFDecember2012_39.pdf

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