News

MyTravel warns of £15 million loss in this year's profits

AN accounting change is likely to wipe £15 million from MyTravel's results this year.

The group's auditors said it is no longer appropriate to show retail revenue at the time of booking - instead it should be shown at departure.

Chief executive Tim Byrne said he was disappointed changes had to be made.

He said 81% of all summer 2003 holidays have been sold by in-house distribution, with bookings for next summer at the best level for five years.

"Until very recently we anticipated that the Group's results would be broadly in line with expectations - albeit at the lower end of the range." he said.

"However, our auditors have asked us to change our retail revenue recognition policy."

MyTravel's shares dropped 25% following the announcement.