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Journey Group pre-tax loss narrows

By BFN News | 09:01 AM | Wednesday 02 June, 2010

In-flight products, catering and media services provider Journey Group posts a pre-tax loss of £4.7m for the year to the end of December - down from £10.5m in 2008. The firm reports EBITDA before non-recurring items, provision write-back and exchange differences of £1.2m (2008 - £0.6m). Net debt at the year-end stood at £0.5m (2008 - £5.7m). Chairman Stephen Yapp said: "During the first quarter of 2010 the group has performed in line with expectations. "In the Products Division and Media on the Move Limited the group has two businesses that are poised to benefit from recovery over the next two years. "Growth is expected in the Los Angeles Division in the current year and exciting potential opportunities exist to expand into other US cities. "Accordingly, whilst recovery in the Group's markets is only just beginning and the global economic recovery still tentative, we are increasingly confident of the group's future success." Story provided by