Travelzest has said it could look to raise more investment on the stock market after reporting a return to profit in its half-year figures.
The operator and online retailer made a profit before tax of £900,000 for the six months to the end of April, compared with a £100,000 loss in the same period last year.
The firm said improved trading in its Canadian businesses helped to offset a downturn in the UK where Brits have been put off from holidaying in mainland Europe due to the strong euro.
Revenues for the half year were up by 40.7%, while gross profits were 9.1% up and net debt stood at £11.7 million.
Chairman Mark Molyneux said: “We continue to be cautious about our second-half outlook due to the limited visibility we have with the later booking market that exists.
“However, we are seeing some promising signs in the group and we continue to leverage off of these as well as look at new ways to control costs and be innovative in our strategies for growth.”
Jonathan Carroll, who took over as chief executive following the acrimonious departure of Chris Mottershead earlier in the year, said the firm’s banking facilities were being renegotiated.
He was reported as saying the group was looking at raising funds through the placing of new ordinary shares and that there were some “promising signs beginning to emerge” in the market.
• Travelzest bosted by itravel2000 performance (27 Feb 2009)
• Travelzest suitor calls off takeover talks (12 Nov 2008)
• Travelzest raises £1.5m for acquisitions (1 Aug 2007)
