p16 city May 22 20/5/09 16:35 Page 16
City & finance
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BAA appeal ‘is
delaying tactic’
BAA has been accused of appealing against a
decision to break it up purely to give it more time
to attract higher bids for Gatwick.
The airport operator’s Spanish owner Ferrovial
this week appealed against a Competition
Commission decision that Gatwick, Stansted and
either Glasgow or Edinburgh should be sold off.
BAA said the reason for the appeal was a
potential conflict of interest of a member of the
NCL transforms Q1
Competition Commission panel that investigated
the issue.
The member is thought to be Professor Peter
Moizer, who is a strategic adviser to the Greater
with a $5m profit
Manchester Pension Fund which is backing
Manchester Airport Group’s bid for Gatwick.
Lee Hayhurst.
but fuel costs plunged from $67m to $32.5m.
Ferrovial said a second reason for the appeal NORWEGIAN Cruise Line has reported a net NCL warned there will continue to be pressure
was that the commission did not take the profit of $5.2m for its first quarter, reversing a on pricing although booking levels were strong.
economic downturn into account and was massive £145m loss in the same period last year. Chief executive Kevin Sheehan said: “Although
forcing BAA to sell at a reduced price. The US-based line said the improvement was we continue to be disappointed with the current
A £1.37 billion bid was rejected this week, but due to lower operational costs, with fuel prices pricing environment, we are optimistic that we
airlines and analysts claimed the appeal was a having fallen and headcount having been cut. are introducing new people to our brand and
delaying tactic. NCL has also seen two of its older and less ef- bringing in new cruisers to the market.
Stansted Airline Consultative Committee chair- ficient ships, Marco Polo and Norwegian Dream, “The restructuring of our Hawaii operation,
man David O’Brien said “the sole purpose of this leave its fleet, while the loss-making NCL America as well as our focus on our cost structure,
appeal is to delay the break-up of their monop- fleet has been trimmed from three ships to one. have resulted in significant savings.
oly”, while Douglas McNeill, an aviation analyst The amount the company earned minus tax “Our fleet renewal programme continues with
at Blue Oar Securities, said “this looks like a and other costs (ebitda) rose 46.3% to $50.9m. the scheduled departure of the oldest ship in our
delaying tactic in response to bids for Gatwick”. The rise in earnings, for the three months to fleet, Norwegian Majesty, in October this year.”
the end of March, came despite a 15.5% decrease NCL’s newest and largest ship Norwegian Epic,
in revenue, due to yields being down 7.9% as well being built in France, went on sale this week.
Travelport shifts
as load factors (capacity days) falling 8.3%.
Net revenue was $424m, down from $511m, ■ Cruise news, p20
finance jobs to UK
TRAVELPORT is to move key financial and human Shearings creates two divisions
resources positions from its global headquarters
in New York to London. SHEARINGS has created separate hotels and board alongside chief executive Denis Wormwell,
The plan will consolidate departments in holidays business units, each with its own group finance director David Newbold and the
London, although key decision-making person- managing director. group’s HR director, Jane Burke.
nel will remain in New York, chief executive Jeff Graham Rogers will head the Shearings Wormwell said: “Graham is the ideal candidate
Clarke said at a tourism summit in Brazil. Holidays, National Holidays and Caledonian to head the groups’ holidays division. He has
The travel technology company, which owns Travel brands, having been promoted from done a fantastic job at National Holidays, where
the Galileo and Worldspan systems and is owned director of National Holidays. passenger volumes and profit have increased
by private equity firm Blackstone, is also set to Vince Flower, the company’s chief operating steadily over the past two years.
be listed on the London Stock Exchange. officer, will develop the hotels business and be “Vince Flower has long been associated with
Clarke said: “It will make a big difference. The responsible for a new standalone brand to run the success of Shearings Hotels and will use his
core of our top finance people will be based in alongside the Coast and Country product. expertise to build a more commercially independ-
Langley, just outside London.” Both men will sit on the Shearings Group ent and consumer-facing leisure hotels business.”
16 22.05.2009
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