9th Mar 2011 11:05
Date: | 09 March 2011 |
On behalf of: | Travelzest plc ('Travelzest', 'the Company' or 'the Group') |
Travelzest plc
§ AGM Trading Update
Travelzest plc (AIM: TVZ), the UK and North American holiday retailer, is pleased to announce an update on trading ahead of the Company's AGM being held at midday today in London.
The Board's drive to integrate operations and share the varied expertise within the Group has continued apace, culminating in the opening of the call centre in Cheltenham and the launch of the unified website, www.travelzest.com. The Group has begun to reap the benefits of being a more cohesive, unified operation rather than a collection of individually run brands. The efficiencies gained from the restructuring will ensure that Travelzest has strong foundations to grow and develop its business.
The Board is pleased with the continued growth in our North American group with itravel2000 and The Cruise Professionals maintaining a strong performance in the first quarter of 2010/11. Our smaller UK group continues to experience difficult markets due to the economic climate in this region, the recent troubles in the Middle East and concerns about high fuel costs, which conspire to slow demand. The unification of UK operations has assisted in the Group's ability to address and react to these difficult trading conditions. The Group's departures for Winter 2010/2011 are currently up 18%, with North America providing that growth, and which is broadly in line with the Board's expectations, however bookings for departures in Summer 2011 (which substantially relate to our UK business) are currently down 18%, which is behind the Board's previous expectations. The Board continues to work to improve the performance of the UK operations and believes an active late booking market for North America and the UK will exist for the reminder of the financial year.
- Ends -
Enquiries:
Travelzest plc | 0844 335 6623 |
Jack Fraser | |
Redleaf Communications | 020 7566 6700 |
Rebecca Sanders-Hewett / Lucy Salaman | |
Investec Investment Banking (Nomad) | 020 7597 5970 |
Martin Smith / Duncan Williamson | |
Merchant Securities Limited (Broker) | 020 7628 2200 |
Graeme Cull/Simon Clements |
Notes to Editors:
Travelzest plc (LSE:TVZ.L) is a dynamic travel group, with a collection of online travel retailers and specialized merchant operators, with operations in five countries. Included in the Travelzest agency family are Travelzest Holidays, itravel2000, The Cruise Professionals, holiday.co.uk, flight.co.uk, Fair's Fare, Wow House, and in the Travelzest merchant family are Best of Morocco, VFB Holidays, Peng Travel, Faraway Holidays, The Malaysia Experience, Tapestry Collection, Captivating Cuba, JMB Travel. Travelzest is traded on London's AIM Exchange under the symbol TVZ.
Related Shares:
TVZ.L