USIT make loss of €1.8m

STUDENT travel company USIT swung into the red last year following a restructuring of the business.

Accounts for USIT Ireland, just filed at the Companies Registration Office, for the year to end October 2004, show pre-tax losses amounted to €1.8 million from a profit of €192,400 in 2003.

The company said the losses followed a €1.2m restructuring that saw several travel agent branches closed and a number of hostels sold off.