Michael East has also stood down as chairman, although both will continue in a management consultancy capacity to oversee the completion of the summer 2009 trading season and to assist the Allbury board in the transition to a new management team.
East explained that he and Ferrin had completed the turnaround project they had been brought in to undertake.
He said: ‘Since November 2007, the team, managed by Eamonn Ferrin, has completed the turnaround of the Allbury business and has significantly improved its operating profitability.
‘The business has been recapitalised, has moved to the levy system, achieved a profit in winter 2008/09 and is on track to achieve company targets for fiscal 2008/09.’
Ferrin added: ‘For the year ending October 2008 the business achieved a significant turnaround in underlying operating profitability and has delivered to its objectives by significantly reducing operating costs and balancing charter capacity to meet profitable demand.’
He said Allbury had continued to build on this successful strategy for winter 2008/09 and achieved a trading profit for the first time in several years.
While summer 2009 trading conditions are likely to remain particularly challenging for euro dominated destinations, Ferrin said Allbury had correctly anticipated this downturn in euro demand and appropriately set capacity to optimise yields, which remained in line with company targets.
Late bookings, meanwhile, have increased ‘significantly’ in recent weeks and are in line with the general marketplace.
The executive board of Allbury Travel Group Ltd and the Bridge Investment Club concluded: ‘We would like to thank the management for their invaluable contribution in turning the group around and fulfilling our agreed timeframe.
‘A new management team will be appointed imminently after completion of our negotiations.’
See also:
Allbury Travel Group buys XL’s 20% stake (18/02/2009)
New name for Libra Holidays UK (03/04/2008)