MyTravel will turn a profit in the UK in the next year, managing director UK John Bloodworth has predicted.
He said following a restructure that has reduced losses this year by 53% to £12.9 million, he is confident next year will see the operator’s fortunes turn full circle.
He said: “We’re going to return a profit in the UK next year. We were going to do so this year but the particularly bad summer coupled with the restructuring made it hard for us.”
MyTravel now has around 445 high street shops, after closing 62 in the financial year ending October 31, which puts it in the target of between 400 and 450 that it believes is the right number.
However, Bloodworth admitted 16 shops will see their leases expire this year and will close, although this will be partially off-set by the opening of three new shops.
He said MyTravel’s resumption of hedging of fuel and foreign currency in the past year had given the operator greater control over its financial affairs, although he admitted the decision when to hedge was difficult due to the volatility of fuel prices.
Bloodworth said it was too early to see any trends for summer 2007, although sales are currently the same year on year.
He said: “Anything would be an improvement on this past summer. Customers are booking later but if we get a little luck, I think we’ll have a better summer than this year.”