Travelzest plc, the online travel group offering specialist
travel programmes, is pleased to announce its interim results for
the six months ended 30 April 2008.
Financial highlights
- Total transaction value increased 5% to £90.2 million
(2007: £86.3 million)
Group turnover increased by 20% to £16.3 million (2007:
£13.6 million)
- Profit before interest, tax and separately disclosed items
(EBITA) under IFRS increased by 36% from £1.4 million to
£1.9 million
- Normalised diluted earnings per share (adding back separately
disclosed items, intangible asset amortisation and the income
effect of conversion of options and warrants) increased 236% to 3.7
pence (2007: 1.1 pence per share)
- Interim results presented for the first time in accordance with
International Financial Reporting Standards as adopted by the EU
(“IFRS”) resulting in a reduction in current and prior
year results of £0.4 million when compared to UK
GAAP
Operational highlights
- Strong underlying profit growth achieved in the first half of
the year
- Canadian winter based itravel2000.com business continues to
perform well
- UK specialist tour operators performed to management’s
expectations
Events after period end
- Acquisition of The Cruise Professionals Limited, a Canadian
luxury cruise retailer for C$13m (£6.5m)
- Institutional placing of 682,000 new ordinary shares to raise
£2 million
- Debt facility increased and extended for four years
Commenting on the results, Chris Mottershead, Travelzest’s
Chief Executive, said:
“I am delighted that the Group has demonstrated underlying
profit growth in the first half of the year, particularly against
the backdrop of a changing global economic landscape. Our Canadian
business has continued to perform well and we are pleased to have
acquired The Cruise Professionals enabling us to grow our presence
in the Canadian travel market, which has proved to be very
beneficial for Travelzest to date. In addition by extending our
debt facilities for four years we have secured long term financing
for the Group.
We believe that by staying committed to our variable cost
strategy and having a portfolio of different travel businesses with
no dependence on one destination, type of holiday or domestic
market, we are able to remain cautiously optimistic for the
reminder of the year.”
Enquiries:
| Christopher Mottershead |
|
| Travelzest plc |
01442 874 322 |
|
|
| Martin Smith / Erik Anderson |
|
| Investec |
0207 597 5970 |
|
|
| Samantha Robbins / Anna Dunkin |
|
| Redleaf Communications Limited |
020 7822 0200 |
