BusinessCompany NewsHole in accounts hits MyTravel profits

Hole in accounts hits MyTravel profits

The announcement of a £50m hole in the accounts of MyTravel sent stock prices plummeting today. The revelation was the second time in a fortnight that the company formerly know as Airtours had issued a profit warning.

Link: Web directory – Travel

The firm said that profits would be £12m lower than previously expected due to poorer than anticipated trading in the UK.

In addition to this another £8m would be lost through a hole in the accounts and MyTravel also said that it might have to make further revisions to accounting estimates that could know another £15-30m off earnings.

Shares dropped over 70% to 20.5p from last night’s closing figure of 75.5p. The company’s year high had been 288p.

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