MyTravel Group has announced massive losses of å£73.8 million for the year ended 30 September 2002, following what David Crossland, Chairman of MyTravel Group, has described as `the worst year in history.`
MyTravel Group previously postponed the announcement of preliminary results due to advanced discussions with its lending banks to provide an extension of its revolving credit facility and commitments for certain other facilities.
David Jardine, Group Finance Director, and Richard Carrick, chief executive Global Development Division, will leave the Board with immediate effect. Kazia Kantor, non-executive director, becomes Group Finance Director.
David Crossland, Chairman, MyTravel Group said:
“MyTravel has gone through the worst year in its history. The Group`s performance has been unacceptable. However, the level of bookings we are achieving this year gives me reason for optimism. Peter McHugh and his team are getting to grips with the underlying issues and now with the continuing support of our banks, I believe we have a sound basis on which to move forward.”
Peter McHugh, Chief Executive Officer, MyTravel Group said:
“These are extremely poor results that we have announced today, and I am determined that we now draw a line in the sand. We have secured our financing for 2003 and current trading continues to be significantly ahead of last year. I expect the Group to move back to a more consistent performance over the current year. With Philip Jansen, our Chief Operating Officer, I will undertake a full strategic review to ensure the Group is in the best shape possible for the future. We will maintain a tight grip on financial processes and controls going forward.
“I want to extend my appreciation to our loyal customers and to our 25,000 employees worldwide who have acted in a highly professional manner during this difficult period.”