Globespan back in the black
26.01.09
Scottish travel group Globespan returned to the black last year following heavy losses in 2007. In a trading statement issued ahead of audited accounts, founder, chairman and major shareholder Tom Dalrymple said that the Globespan Group made a profit of £1.2 million in the year to October 2008, and they would have been 'considerably more' were it not for record fuel costs last summer.
The group, which operates the Flyglobespan airline offering low cost flights and holidays to Canada, the US and Europe, posted ‘significant’ unspecified losses for the year ending October 2007 – the first in its 35 year history because of problems on transatlantic routes, caused in particular by the poor performance of two aircraft leased from Icelandair.
Mr Dalrymple said: ‘We learned quickly from those experiences. Last year we flew only our own aircraft and the difference has been hugely satisfying – with record load factors for our sector. We are back into profit and, had the fuel rises not been so steep, that profit would have been considerably more. But, considering the difficulties of the sector, I have no complaints.’
'It is clear that our core business model is working and we are delivering the product that our customers want. Our outlook for the future is positive. Globespan has no debt, we have cash reserves built up from nearly 35 years of trading and we also have significant property assets.’
‘Looking forward, our sales and revenues are on plan. Our core routes for 2009 are holding their popularity and our new destinations in Turkey and Egypt are performing exceptionally well. ‘
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