MYTRAVEL
shares are in freefall following the company’s third profits warning this year.
The operator
has warned a further £50 million could be wiped off its profits because of
accounting problems and poor trading.
The news has
sent shares spiralling downwards from 75 pence to 13.5 pence – an 85% drop.
MyTravel
said a ‘number of additional matters have come to light’ since the last trading
statement on September 30, after which chief executive Tim Byrne resigned.
MyTravel
North America chief executive Peter McHugh will take over from Byrne as group
chief executive UK, while European chief executive Philip Jansen becomes chief
operating officer.
David
Crossland will remain as chairman.