Doom and gloom at First Choice - but not quite

Little bit of moping around at First Choice towers today following its pre-close trading update unveiled to the Square Mile today.

For summer 2006, the multiple said:

* Short-haul down 9% y/r
* Medium-haul down 6% y/y

Winter projections:

* Short-haul down 15% y/y
* Medium-haul down 9% y/y

However, long-haul bookings are up (45% over the summer and 39% for the winter) and, most significantly, online bookings across its online brands Hotelopia, Hotelbeds and Bedsonline have soarded 39%, 70% and 35% respectively over the summer.

Full statement on First Choice corporate website.

Kevin May, editor, Travolution