BusinessBusiness RecoveryMyTravel in the red after accounts adjustment

MyTravel in the red after accounts adjustment

The backlash of aggressive accountancy policies have dragged tour operator MyTravel into the red for the first time in its 31-year history.

Link: MyTravel finance chief steps down

MyTravel yesterday reported that its £71m accounts adjustment resulted in pre-tax losses of £73m for the year ending in September. It also restated last year’s profits to £62m.

Finance director David Jardine left the company days after various accounting irregularities caused its share prices to plummet. Kazia Kantor, head of MyTravel’s audit committee, replaced him and is to lead a review of accounting procedures and controls.

‘These are extremely poor results and I am determined that we now draw a line in the sand,’ admitted Peter McHugh, chief executive officer of MyTravel.

The travel group has secured its financing for 2003 and insists its results will improve next year.

Related Articles

Carillion CFO blew whistle over 'sloppy accounting' months before collapse

Business Recovery Carillion CFO blew whistle over 'sloppy accounting' months before collapse

3m Alia Shoaib, Reporter
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

3m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

4m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

4m Emma Smith, Managing Editor
Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

Business Recovery Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

4m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

4m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

5m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

5m Emma Smith, Managing Editor