| Journal: TWUK | Section: |
| Title: | Issue Date: 17/07/00 |
| Author: | Page Number: 1 |
| Copyright: Other |
Profits slump makes Airtours vulnerable to takeover bid
AIRTOURS has admitted it is now vulnerable to a takeover from a European rival after issuing a profits warning and seeing its share price tumble.Group managing director Tim Byrne said: “Of course this makes us more vulnerable and if someone offered us a good price we would recommend it. It could speed up consolidation but whether anyone comes in for us remains to be seen.”
Analysts that downgraded Airtours’ full year profit estimates from £170m to £113m believe German giant C&N is the most likely buyer.
Airtours is now banking on the UKto bale it out after dire trading in the rest of Europe.
Byrne said current trading in the UK is “very satisfactory” with sales up 18%, but admitted the real test during peak season is yet to come.
Airtours has completed the purchase of Germany’s FTi.