MyTravel back in the black

Troubled holiday group MyTravel today said an upturn in its business in Europe and North America had helped it move into the black.

MyTravel, which is taking legal action to get its controversial restructuring approved, said it made operating profits before one-off items and goodwill of £8.3m (€12m) in the year to October 31, against losses of £358.3m (€518.7m) previously.

The company said the results reflected a strong performance in Europe and steady progress in North America.

It added it was seeing the start of a turnaround in its UK business, but much work remained to be done.

Chief executive Peter McHugh said it expected its restructuring to help it to implement its business plan and to return the UK operation to sustainable profitability.