By Michael

Holidaybreak chairman Angus Crichton-Miller has warned
the company may not be able to continue its run of double digit growth this

Announcing its half -year results, the outgoing
chairman said sales were 9% behind 2002 figures due to the difficult geopolitical
and economic climate.

Holidaybreak has reported impressive
double digit growth since 1996, but Crichton-Miller claimed it was difficult to
predict the outcome of the second-half of the year.

“That growth just may not be achievable this year,” he
warned. Chief executive Richard Atkinson added: “It won’t be a vintage year.”

Losses for the period rose from £5.9 million a year
ago to £7.2 million this year, mainly due to the growth of the camping business
following the acquisition of Eurosites from MyTravel in October.

That acquisition also led to net debts increasing from
£42.9 million in 2002 to £75.4 million this year. 

Its Hotel Breaks division increased sales by 23% to
£36.6 million, while Adventure Holidays upped operating profit by £100,000
despite SARS and the war affected business.