Travelzest Eyes Acquisitions
EyeforTravel | Jul. 10, 2006
Travelzest plc, the British travel group offering specialist travel programmes, has shared its interim results for the six months ended 30 April 2006, stating that group total transaction value increased by 550 percent from ?.4m to ?.1m. (7/10/2006)
A number of targets have been identified that fit the group's strict acquisition criteria and which would significantly enhance group earnings, it stated.
Other highlights included: Group turnover increased by 166 percent to ?.70 million (2005: ?.39 million); Operating loss before goodwill amortisation reduced by 3.8 percent to ?.28 million (2005: ?.33 million); Pre-tax loss before goodwill amortisation reduced by 8.1 percent to ?.2 million (2005: ?.3 million); Acquisition of Best of Morocco for ?.8 million (net of cash in the business) in November 2005; Results include increased year on year central group costs to support the growth of the business.
Chris Mottershead, Travelzest's chief executive, said: Since admission to AIM in October last year we have made strong progress in delivering our strategy to build a portfolio of high-quality, specialist travel businesses and on-line travel agents. A number of acquisitions have been completed, and integration of these businesses into the group is progressing well.
Mottershead added: We confidently expect to make further earnings-enhancing acquisitions over the next 12 months.
The group also shared that current trading is in line with expectations and the directors look forward to the remainder of the year with confidence.