USIT reports €800,000 profit

Student travel agency USIT has reported an operating profit of €800,000 in 2003, compared with a loss of €3.3m in 2002.

The company's debts have also been reduced from €11.4m to €7.7m.

The travel group was placed in examinership when it ran into financial difficulty in the months after the terrorist attacks in New York.

It was then bought out of receivership in 2002 with the owners investing €2.5m in the group.