LONDON (ShareCast) - Specialist holiday group Holidaybreak saw half-year losses rise but said the results were in line with expectations.
Pre-tax losses for the six months rose to £18.2m from £7.9m in the same period last year on revenue that rose £156m from £100m. The group traditionally reports an operating loss in the first half due to the seasonal nature of its Camping and Education businesses
The Education Division, formed from the acquisitions of PGL and NST last year, now accounts for approximately 22% of pro forma group revenues. Sales intake for 2008 for the division is currently 9% above last year.
Sales intake for Hotel Breaks is currently 7% above last year, while Adventure Travel sales are 3% up, which has seen geopolitical events impacting results in the current year. Camping sales to date are 2% up on last year in the context of a 5% reduction in capacity.
“The group enjoys a sound financial position and once again expects to deliver industry-leading margins. Operating cashflow is expected to remain strong. Our operations are resilient and that gives us confidence about the longer-term outlook for the group,” said the group
Half year dividend has been raised 5% to 9.25p per share.
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