Interim Management Statement

RNS Number : 5347M

Holidaybreak PLC

18 August 2011

 



Thursday 18 August 2011: For immediate release

HOLIDAYBREAK PLC

Interim Management Statement

Holidaybreak, the education and activity travel group, today releases its interim management statement for the period 31 March 2011 to 13 August 2011.

With 98% of target Group revenue booked, Holidaybreak is performing in line with management expectations for the year ending 30 September 2011.

Martin Davies, Group Chief Executive, said:

"We continue to deliver a satisfying performance despite the tough economic environment. Particularly pleasing is the late demand for bookings at our Camping Division. We therefore remain confident of performing in line with management's expectations for the year ending 30 September 2011.

Trading for 2011/12 is strong with our education businesses currently 61% booked with PGL UK outdoor education centres 84% booked. Overall, Education is showing revenue growth of 6% year on year."

Operational Summary

Group sales intake is down 4% compared with last year. On a divisional basis:

§ Education sales intake is 1% below last year although this has been more than offset by improvements in gross margin through effective yield management at PGL.  Meininger, the German school accommodation business in which we acquired a 50% stake in December 2010, is 22% ahead of last year in sales intake. The excellent performance is driven by good like-for-like trading and successful site openings;

§ Adventure sales intake is currently 3% below last year with the geopolitical events in the Middle East and North Africa negatively impacting performance as previously disclosed;

§ Hotel Breaks sales intake is 10% below last year with the ongoing difficult consumer environment affecting performance, particularly Superbreak's sales through the retail travel trade. The loss at Superbreak of airport hotel contracts with large retail travel agents continues to affect performance adversely, although this is a low margin product. Excluding these airport hotel contracts, the underlying trend shows sales intake currently at 8% below last year;

§ Camping sales intake is 2% below last year in the context of a 3% reduction in capacity. The division has benefitted from a strong demand for late bookings in the UK and Dutch markets.  

Financial Position

Except for the disposal of West End Theatre Bookings on 20 June 2011, there has been no significant change in the Group's financial position since the Interim Results Statement in May 2011. The normal working capital cycle of the Group's businesses is unchanged.

Enquiries:

Martin Davies / Neil Bright                                           Holidaybreak   [phone]

Craig Breheny / Oliver Hughes                                   Brunswick        [phone]

Notes to Editors

1.   Holidaybreak (HBR.L) is an education and activity travel group listed on the London Stock Exchange. The Group's businesses have market leading positions in the UK and other major European markets, organising educational and activity trips, worldwide exploratory trips, outdoor family holidays and short breaks. For more information, please go to www.holidaybreak.co.uk.

2.   On 27 July 2011, the Board of Holidaybreak plc announced that it had reached agreement with Cox & Kings Limited on the terms of a recommended cash acquisition by Prometheon Holdings (UK) Limited, a wholly owned subsidiary of Cox & Kings, of the entire issued and to be issued share capital of Holidaybreak. The Scheme Document was posted to shareholders on 10 August 2011. The Court Meeting and General Meeting are being held on 2 September 2011.

3.   This information in this release is based on management information.

4.   Certain statements in this announcement are forward-looking statements. Such statements are based on current expectations and by their nature are subject to a number of risks and uncertainties that could cause actual results and performance to differ materially from any expected future results or performance expressed or implied by the forward-looking statement. These forward-looking statements are made only as at the date of this announcement. Except as required by law, Holidaybreak plc has no responsibility or obligation to update publicly or revise any of the forward-looking statements contained herein.

 

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