mytravel shares in freefall

MYTRAVEL shares are in freefall following the company's third profits warning this year.

The operator has warned a further £50 million could be wiped off its profits because of accounting problems and poor trading.

The news has sent shares spiralling downwards from 75 pence to 13.5 pence – an 85% drop.

MyTravel said a ‘number of additional matters have come to light' since the last trading statement on September 30, after which chief executive Tim Byrne resigned.

MyTravel North America chief executive Peter McHugh will take over from Byrne as group chief executive UK, while European chief executive Philip Jansen becomes chief operating officer.

David Crossland will remain as chairman.