THE global revamp of Club Med has dug the company out of the red, according to president Philippe Bourguignon.
As he reported operating profits for 1997/98 had hit ú41.2m, compared to a loss the previous year of ú11.2m, Bourguignon said: “Last year was a time of taking stock.
“We have made steps in our renovation plan and are now out of the red.”
He added: “We have proved wrong all those who said we couldn’t do it.”
Bourguignon said the company’s success proved the Club Med concept was not outdated and that younger clients were being attracted to the villages.
He said 17 villages have already been renovated with nine more completed by the summer.