XL Leisure Group made an operating loss of £24 million in its last financial year, according to documents filed at Companies House.

The loss was revealed as chief executive Peter Owen resigned unexpectedly on Tuesday night, just hours before he was due to address the ITT conference. Delegates were told he left for personal reasons and that the decision came suddenly and was not planned.

Owen joined XL in April last year and started a change programme that saw chief executive Phil Wyatt step down to be deputy chairman and 500 staff made redundant.

The group’s latest accounts, for the year to October 2007, lodged with Companies House on May 29, 2008, showed XL Leisure made an operating loss of £24 million.

The deficit was offset in part by the disposal of Kosmar Villas in September to parent company XL Holdings for a nominal fee of £1.

The company reported a £17 million profit on the transaction, meaning XLLG was able to report a loss for the financial year of just £7.8 million.

The group, which owns brands including XL Airways, Freedom Flights, Medlifehotels, Travel City Direct and Aspire, also showed net liabilities jumping from £8 million to £59 million in the period. Analysts suggested this showed a “serious movement of £51 million in the company’s liquidity”.

And while XLLG’s cash had increased slightly, the money it owed to creditors almost doubled from £114 million to £205 million.

Steve Barrass, who joined XLLG three months ago from Airtours and who stepped in to replace Owen on stage in Cyprus, refused to comment on Owen’s resignation or the accounts.

He confirmed, however, that the company was preparing an official statement about Owen’s departure for UK staff.

XLLG is a 20% stakeholder in Allbury Travel Group, having converted debt last year as part of the restructuring of the Libra Holidays and Argo Holidays parent.

Sources estimate Allbury’s  brands are worth about £3 million of business a month to XL Airways.

Allbury is in dispute with 40 Greek hoteliers who have stopped taking bookings over debts that they claim the group owes.