Luxury tour operator Bales Worldwide has been bought out by Virgin Holidays for an undisclosed sum. It will continue to trade under the same name, and Mandy Nickerson will retain her role as managing director after the take-over.
Luxury travel group Western & Oriental has managed to narrow annual losses despite falling revenues. The company, whose subsidiaries include Made to Measure Holidays and Tropical Locations, said a series of cost-cutting and integration measures helped it narrow annual pre-tax losses to £785,000 from £4.1m.
TUI Travel has bucked the global downturn and reported an 11% increase in underlying operating profit to £443m for the year ended 30 September 2009. Europe’s biggest tour operator’s revenues stayed the same at £13.8bn, while underlying earnings per share increased 17% to 23.8p.
Thomas Cook has said it shrugging off the downturn and swine flu by posting better-than-expected results for the full-year. It also said bookings for both winter and summer were holding up well, especially to medium-haul destinations Turkey and Egypt.