Record profits in 2011

The independent tour operator, based in Duisburg, achieved a pre-tax profit of €32 million in the 2010/11 business year compared to €13.1 million the previous year. All five Alltours companies – the main package holidays operator Alltours flugreisen, ‘dynamic packages’ unit Byebye, travel agency chain Alltours Reisecenter, the Alltours Espana hotel chain, with 11 properties, and the Spanish incoming agency “contributed to the record results with substantial profit rises in some cases”, the company announced.

The two tour operating businesses Alltours and Byebye, which generate about 90% of the group’s revenues, jointly increased customer numbers by 8.4% to 1.67 million and revenues by 12.8% to €1.32 billion. Byebye doubled volumes to 75,000 in its second year of business, while the Austrian, Dutch and Swiss businesses also grew. At the same time, the group made “double-digit million euro” investments in its hotel chain and booking technology last year.

“We’re proud of this result because it proves that aggressive pricing and strong profitability fit together,” declared owner Willi Verhuven. Profits would have been even higher last year if it had not been for the North Africa conflicts and financial crisis in Greece, he added. The company plans to re-invest part of the profits in the acquisition of more hotels and renovation measures.

Alltours also increased its share of the German tour operator market to 5.7% last year, based on fvw’s annual ranking. The company reiterated its growth targets for this year as 7% for revenues and 5% for customer numbers.

Greece Makes Progress In Loan Talks But Key Issues Remain

ATHENS (Dow Jones)–Talks between Greece and its official creditors on a second bailout have progressed but key issues remain, the country’s finance minister said, adding negotiations will continue Saturday morning.

“After 12 hours of continuing and difficult negotiations, we have resolved a number of issues, but there are still critical issues to be decided,” Evangelos Venizelos told reporters after a day of marathon talks Friday.

Venizelos met with representatives from the European Commission, International Monetary Fund and the European Central Bank–known as the troika–on reforms being demanded in exchange for further assistance …