STRUGGLING Lancashire holidays giant MyTravel today admitted it would fall short of its profits targets over the crucial summer period.
In a trading statement to the Stock Exchange, the company said it was now not expecting any improvements on profits for the second half of the year.
In June, MyTravel said it expected that the summer performance would be better than last year, although itdid not expect to recover the £282 million operating losses suffered in the first half year.
Within an hour of the announcement, shares in the company fell in price by 4.5p to 29p.
MyTravel conceded it was continuing to struggle with pricing and cost control, and said profit margins were being squeezed through intense competition.
The company added that it believed the turnaround could be achieved although the group still faced "significant challenges" which would take time to overcome.
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