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Share Watch Prices on March 10 and weekly percentage change FTSE 100 INDEX


-0.3%6,690


IAG (BRITISH AIRWAYS) TUI 2.4%£4.33


-1.8% £4.30


THOMAS COOK 1.9%£1.85


CARNIVAL 0.4%£23.91


Pegasus in talks with airports over routes


Patrick Whyte


TURKISH NO-FRILLS carrier Pegasus Airlines is considering adding to its route network to the UK as it continues to grow its operation. The airline currently runs double


daily flights between Stansted and Istanbul as well as three times weekly flights to Izmir and a summer season route to Bodrum but is looking at further expansion. “We are working for additional destinations,” chief commercial officer Guliz Ozturk told TTG. “We’re talking with the airports to


get a good deal because to select a new destination we are following two routes. One is the commercial feasibility. If the potential is there we check that. “At the same time we are dealing


and talking with airport operators to get the best deal and accordingly we have a shortlist and within that shortlist we select the destination. “Manchester is a candidate,


Gatwick is a candidate, Liverpool is there offering us to start flights.” Last week the company reported a


RESTRUCTURING COSTS


Eden Collection directors put £869k losses behind them and look to a better year


LOSSES AT luxury tour operator Eden Collection have more than doubled as the company completed the final stage of a restructure. Accounts recently published at


Companies House for The Eden Collection Limited, which also include subsidiary Seasons In Style, show a


14 13.03.2014


pre-tax loss of £869,000 for the year up until the end of March 2013. This represents an increase of 108% on the prior year. Turnover fell by 16% to £19.5m. The accounts included £500,000 in


exceptional items, which included a £450,000 charge related to the


Pegasus’s profits were up 28% last year and the airline is looking to expand


28% rise in full-year operating profit, from £55.2m to £70.7m. Sales revenue increased by 25% to


£652m, but pre-tax profits remained flat at £42m on the back of a heavy foreign exchange loss. Ozturk said the continuing success


of the airline was partly due to its low unit costs, which she said were second only to Ryanair. She added that demand was also


strong in the Turkish market and that growth in ancillary revenue of 19% had been “another important revenue generator”.


In 2013 Pegasus launched 13 new destinations and flew 16.8 million passengers. It now flies to 78 airports, 30 of which are domestic and 48 international. A new route from Istanbul to


the Crimean city of Simferopol was set to launch in April but this has now been put back a month because of political tension between Ukraine and Russia. The company began life as a


charter airline in 1990 but changed to its current schedule model in 2005.


“recoverability of certain old debts and the legal fees associated with these”. The company also paid out


£278,000 in interest on a loan. In their review of the business,


the company’s directors make it clear the recent reorganisation will bring a number of benefits to the company. Alongside other changes, staff within the group have all been given an equity stake. Directors Paul Becall and Jon Clee,


pwhyte@ttgdigital.com IHG 0.5%£19.07


Patrick Whyte 020 3714 4115


IN BRIEF


■WALSH’S WAGES TAKE OFF Willie Walsh, the chief executive of British Airways parent company IAG, saw his pay packet almost quintuple after benefiting from the airline’s move back into the black. Walsh pocketed a total of £4.97 million in 2013, a rise of 359% on his 2012 remuneration.


■AER LINGUS BATTLE ROLLS ON Ryanair is to appeal an order from the UK Competition Commission to sell its 29% stake in Aer Lingus. The watchdog upheld a decision made last year telling Ryanair to reduce the stake to 5% due to monopoly concerns in the Irish market, particularly the Dublin-London route.


■MILESTONE FOR EUROSTAR Eurostar hit 10 million passengers in a year for the first time in its history as sales revenue grew to £857 million. The improved performance helped the train operator report a 4% rise in operating profit of £54 million.


■GREEN UP FOR VEUVE AWARD Thomas Cook boss Harriet Green has been named as one of the three finalists for the Veuve Clicquot Business Woman of the Year Award. Also up for the prize are Karen Blackett of media agency MediaCom and Jane Shepherdson of clothes firm Whistles.


former members of the management team at Elegant Resorts, co-founded the business five years ago. The business is backed by private


equity firm Opus Ventures. In 2009 it acquired fellow luxury operator Seasons in Style. Last year Eden Collection formed a new partnership with private jet firm Royal Jet to launch Royal Jet Luxury Vacations. Eden’s directors believe the new


venture “will start creating a return” in the current financial year.


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