MYTRAVEL has admitted that rebuilding profits to normal industry levels in the UK will take another two years. At its annual general meeting, the company said it was on course for making a profit across its three operating divisions next year and an industry standard margin of 3.5% in the UK in 2007. The company ” which last year won a battle with bondholders to avoid bankruptcy with an ”800m financial restructuring after incurring massive losses over successive years ” revealed UK capacity had been reduced by an unspecified amount this year, improvements were being made to its product offering and there continued to be a focus on cost control. The group revealed the impact of the Asian tsunami disaster on Boxing Day 2004 is likely to cost ”2m in the UK and ”10m in its Northern Europe division.
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