p20 pink oct3 30/9/08 17:52 Page 20
news city & finance
ttglive.com
Flyglobespan
‘set to make a
profit this year’
THE CHAIRMAN of no-frills airline Flyglobespan
has said the airline is enjoying record load
factors and will make a profit this year.
Tom Dalrymple spoke out in response to spec-
ulation that the carrier is in financial turmoil.
He said the airline would make a profit this
year, had experienced record load factors this
summer and had leased aircraft to other
carriers and the Ministry of Defence in deals that
were “multi-million revenue earners”.
.
com
Dalrymple said the common denominator in
view
recent airline failures was debt, a problem that
britainon was exacerbated in the case of XL Leisure Group
by a large management buyout loan.
Holidaybreak hit by lack of
“Flyglobespan has no such problems. We have
no debt and in addition have substantial cash
assets, built up over 30 years over successful
trading as the Globespan Group,” he said.
West End show-stoppers
“We have significant property assets in the UK,
France and Spain, and, most importantly, have a
strong and powerful business model.”
He added that advanced sales were ahead of
target and the airline was expanding services
Chris Gray.
from Aberdeen, Glasgow and Edinburgh.
HOLIDAYBREAK has reported a slowdown in its Holidaybreak sales 2007-08 Dalrymple added: “We have performed well
hotels division as a result of weaker demand in and put last year’s problems firmly behind us.”
London and fewer hit shows in the West End. Hotel breaks – UP 5%
It also reported lower margins on its adventure Adventure travel – UP 3%
travel section as a result of fuel cost increases. Camping – UP 1%
Holidaybreak’s dive company, Regaldive, was Educational breaks – UP 9%
Aircraft leasing
hit by costs of £300,000 by the collapse of XL
Leisure Group. It used XL Airways for its Red Holidaybreak issued the figures in a pre-close firm makes £800k
Sea trips and incurred the costs by booking update at its financial year-end in September.
passengers on other airlines. The hotel breaks division’s sales for 2007-08 AIRCRAFT leasing company Capital Lease Aviation,
The group is facing higher were up 5%, but sales at Superbreak had slowed which listed on the AIM last December, has recorded
interest charges as a result of “markedly” after May, and 2008-09 sales were a net profit of £814,439 in its first year of trading.
the high level of the inter- down 11% on the same time last year. The company was set up last June and has
bank lending rate, and its This was said to be due to weaker demand since bought six aircraft, including an Airbus
year-end net debt is now in London caused by high hotel prices and A320 and two A321s, which it leases to
expected to be £160m. fewer “hot” theatre shows and exhibitions than Australian, American and European airlines.
Much of the debt was last year. It reported revenue from rental of £1.75m.
incurred buying the PGL and Adventure travel sales for 2007-08 were up The six aircraft, bought with money from a
NST education brands. 3%. But margins at Explore!, Holidaybreaks’ series of loans, are valued at £55.9m.
However, group chief exec- main adventure brand, were hit by higher airline Chairman Jeff Chatfield said the profit levels
utive Carl Michel (pictured) fuel surcharges and local payments. were as expected given the company’s “limited
said the diversity of Holiday- Camping division sales for 2007-08 were up history” and because they were achieved with
break’s businesses meant 1% on capacity that had been cut by 5%. a limited number of aircraft and with most
its trading perfor- In the education division, 2007-08 sales were revenues coming in the last (summer) quarter.
mance was up 9% and for 2008-09 the division is 57% “The company is well placed to continue to
“resilient”. booked and showing sales growth of 4%. grow and acquire aircraft,” he added.
20 03.10.2008
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