Club Med aims for £70m profit

January 2004
Travel Weekly: The Choice of Travel Professionals;1/5/2004, Issue 1699, p30
Trade Publication
The British travel agency Club Med Inc. is confident of hitting an operating profit of £70 million by 2005 despite disastrous full-year results. The travel operator blamed the war in Iraq which had a very significant effect on bookings during the critical January to March 2003 booking period, the SARS virus and continued political uncertainty for its pre-tax loss of £66.1 million in the year to October 2003. The loss is £22.6 million worse than 2002's £43.5 million deficit, although it included some one-off costs, including £18.9 million for restructuring its Club Med World and Club Med Gym divisions and £10.5 million from the closure of its lower quality villages.


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