MyTravel today reported a half year pre-tax loss for the six months to March 31 was reduced to £199.6m from £617.9m in the last six month period, but warned that the market in the UK for summer 2004 continues to be challenging.
"The UK business was in a worse state than we appreciated and will take longer to turn around than originally expected," said chief executive Peter McHugh.
McHugh added that the actions taken by the group to date are improving the group's performance.
He said the firm is ahead of schedule on delivering the cost savings and believes it is likely to exceed the target of £150m in 2005.
