First Choice cuts capacity, but fails to woo City

FIRST Choice has slashed capacity by 15% for May and June in light of events in the Gulf but has failed to see any significant uplift in confidence from the City as a result.

The company’s share price plunged to its lowest figure in years after its trading announcement, initially falling to 64.5p then recovering to 68p today (Friday).

First Choice chief executive Peter Long said a prudent approach to capacity management, stringent cost controls and a flexible model were vital with an uncertain political situation and trend for late bookings.