Globespan returns to profitability

The Scottish travel company Globespan has reported that it returned to profitability in 2008, following losses posted in 2007.

A statement issued by Chairman Tom Dalrymple indicated that the Globespan Group showed a £1.2 million profit for its year ending 31 October 2008.

Globespan operates budget carrier Flyglobespan, offering holidays to North America and the European continent. It posted “significant” losses for the year ending 31 October 2007, for the first time in its 35-years in business.

Dalrymple cited problems on its transatlantic routes, notably performance issues with two planes leased from Icelandair, as the main reason for the company’s disappointing year in 2007.

“I said then that 2007 was a blip – a one-off year in what had been over 30 years of successful trading, and one that wouldn’t happen again. And I was right,” he noted, adding: “We learned quickly from those experiences. Last year we flew only our own aircraft and the difference has been hugely satisfying – with record load factors for our sector.”

Dalrymple went on to say: “We are back into profit and, had the fuel rises not been so steep, that profit would have been considerably more. But, considering the difficulties of the sector, I have no complaints.”

Thanks to www.travelmole.com for the above quotes, for more information on this article please visit their website.

www.globespan.com