 | |
MYTRAVEL expects to wipe out its 2003 £365.6 million operating
loss by breaking even this year, while itmeets
with its banks today over a debt-for-equity swap
deal.
Chief executive Peter McHugh said the UK summer season would be
profitable although it will still record a loss for the financial
year.
“After a difficult start, the UK market for summer 2004 has
improved,” McHugh said. “For the 12 months to 30 September, while
the UK division will still show a loss, its performance will be
significantly better than in 2003.”
He said northern Europe and north America were having
“excellent” summers and would be profitable for the current
year.
Bookings for winter he described as “encouraging”.
Meanwhile, it’s the first time the troubled operator has
confirmed a debt-for-equity swap deal is its favoured option to rid
it of its near £1 billion debt, after hinting
shareholders’ interests could be diluted in its interim
results.
Results for the financial year ending on October 31 2004 will be
published in December