Sales Up For World Travel Holdings.

UK-based World Travel holdings is hoping that North American business will pick-up in 2002 and bring sales back to the levels enjoyed prior to September last year.

According to a report from the BBC, the travel group which owns, Netfaresonline in Canada and Travac in New York and which bought from Sir Bob Geldof, was forced to make “swingeing cuts” in costs during the last three months of last year.

Despite the difficult trading environment, gross sales were four times higher than during the same period the previous year, with the company narrowing its pre-tax losses to £1.26m for the last three months of 2001, compared to £1.42m a year earlier.

And the firm said that, with £2.6m of cash reserves, it should have enough funds to continue trading.