Highlights
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Interim results |
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- Operating loss reduced by £43m to £274m (excluding the impact of empty leg accounting which has no full year impact). Underlying H1 operating loss of £289m (H1 2012: loss of £317m). |
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- UK & Nordics source markets delivered H1 revenue growth of 5% and 10% respectively. UK underlying operating loss reduced by £22m to £103m and Nordics operating profit by £14m to £36m2. |
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- France operating loss reduced by £11m to £50m2. Our turnaround plans continue to deliver, offsetting difficult trading conditions in the tour operator. |
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- Business improvement programme progressing to plan with £17m of cost savings delivered. |
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- Interim dividend increase of 10% to 3.75p (H1 2012: 3.40p). |
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- Free cash outflow improvement of £233m to £774m. The net debt position excluding asset-backed financing of £369m (H1 2012: £205m) at 31 March 2013 was £680m (31 March 2012: £979m). |
