4 million a year earlier sales business of 1

If the transformation of the Mediterranean Club in "specialist holidays all inclusive, high-quality global and multicultural" is real, the Group remains, at.

Jurd ' even today, little or no cost. As expected, the 2007-2008 fiscal year (ended 31 October), whose accounts were published yesterday, is thus well marked by his release from the red but it falls within the thickness of the line: the net result share of the Group amounted to EUR 1 million against a loss of 10.4 million a year earlier, sales business of 1.49 billion, an increase of 6 and 7.7 on a comparable basis. In addition, operator of holiday villages, which was returned to deficit in 2006-2007 or juicy real estate operations, not returned to balance that with the sale of tour operator Jet Tours and the operator of Club Med Gym "fitness" rooms. The Directorate had reported this positive effect upon the announcement of their assignment in June. Improvement is however below analysts forecasts, profit expected average being, according to Factset Estimates, $ 10.1 million.

The strategic French market

At the presentation of the results, the CEO, Henri Giscard d'Estaing, has however pointed out yesterday that the exercise has been characterized by soaring oil prices in a first step and a reversal of the situation from the summer. In this context, it considers its strategy validated in the light of the 69 increase the result EUR 43 million operational recreation, indicator of the performance of the activity villages. Another reason for complacency: the increase of the turnover is the result of the mix-product with the rise in range but also volume effect. It confirms the commercial reconquest of the company whose customer base had melted with the increase in its rates. In the State, the reconquest dependent but its dynamics in a French market (48.7 of turnover) ever more strategic: 34,000 people, or almost 92 of the additional client 37.000. The commercial potential of Club Mediterranee is no less significant. For the record, his direction assesses it to 60 million people in the world, including 26 million for the Asia-Pacific, China, alone, representing 12 million.

As such, market share gain is one of the priorities for 2008-2009, which is including a new progression of sales on the Internet. Despite the current turmoil, affecting the level of bookings for the winter season ( 2.4 in rollup to December 6), Henri Giscard d'Estaing remains confident: the Mediterranean Club, believes it, "offers the most accessible vacations for high-end" then in 2001 he proposed that "the less accessible high-end holiday." In addition, recalls, high range customer is less sensitive to the vagaries of the economy.

Sharp drop in the title in quotes

However, the Leisure Group must adapt to the weather and reduced the wing. Hotel capacity is thus lowered 3.1 for the winter with, among others, the decrease in the duration of opening of the 2 villages and 3 tridents. In parallel, its annual investment program is reduced from 90 million to EUR 50 million. Finally, a program of "productivity on structures" is committed to save about 31 million. Asked about the possibility of a suppression of post in France, Henri Giscard d'Estaing has not responded. One thing is certain, the workforce, which were stable in 2007-2008, will drop this year, including through the reduction of capacity. In addition, some departures could not be replaced.

At the Paris stock exchange, investors however further took into account the weather than the capacity of the Club Mediterranean vessel to hold the wave: the title finally ceded 5.04 at the close, to 13 euros, in a slight decrease of 0.43 market.