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.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies