First Choice announce 47% rise in profits

FIRST Choice has announced a 47% rise in pre-tax profits to £68.9 million, up from £46.9 million in 1999.

The company, which released preliminary results for year ended 31 October, also reported: * 33% of profits, before goodwill and tax, was generated from specialist businesses

* Profit margins of 5.4% in UK tour operating

* Distribution capability was increased and more plans for Holiday Hypermarket and e-commerce development

* Sales in the last four weeks up 30% and 40% for winter and summer 2001 respectively.

First Choice chief executive Peter Long described it as “a year of achievement”. He also denied reports that First Choice has been in negotiations to acquire Spanish holiday firm Marsans.