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11/12/2001
First Choice announce profit fall
UK holiday firm, First Choice have announced a profit fall of 27.5 per cent to £55 million over the last year.
While the group blamed the fall largely on the September 11 attacks on the US, it revealed its core profit, before exceptionals and goodwill, rose six per cent to £79.6m.
Aside from the job losses, First Choice had already cut is aircraft fleet and reduced tour capacity by up to 40 per cent, in a move aimed at saving £20m a year.
As a result First Choice has fewer unsold summer holidays than at this time last year, while the UK travel industry as a whole has cut the number of holidays on offer to maintain margins.
The company has also been trying to reduce its reliance on competitors selling First Choice holidays through the roll-out of the Holiday Hypermarket out-of-town retail format. (MB)
While the group blamed the fall largely on the September 11 attacks on the US, it revealed its core profit, before exceptionals and goodwill, rose six per cent to £79.6m.
Aside from the job losses, First Choice had already cut is aircraft fleet and reduced tour capacity by up to 40 per cent, in a move aimed at saving £20m a year.
As a result First Choice has fewer unsold summer holidays than at this time last year, while the UK travel industry as a whole has cut the number of holidays on offer to maintain margins.
The company has also been trying to reduce its reliance on competitors selling First Choice holidays through the roll-out of the Holiday Hypermarket out-of-town retail format. (MB)
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