8 February 2012 – interim management statement
A 3% increase in group revenue in the three months to 31 December was not enough to move the group into profit, with the operating loss actually increasing to £91m (2010: £37m) due to tougher trading conditions and rising fuel costs which impacted margins. However, the group has maintained market share in the UK, which is impressive given the negative news coming from the group which may have put off potential travellers, and the restructuring of these operations continues. A review of the whole group is continuing and as part of this the group has decided to sell its majority stake in its Indian subsidiary. Although there is still a long way to go in the company’s recovery the shares are a SPECULATIVE BUY.