Taken from todays Sunday Times 2005 Share Portfolio...
Louise Armitstead
You may think I am mad but my tip for 2005 is MyTravel, the holiday firm that is practically bust.
The rebirth of the stricken MyTravel group as MyTravel Holidays was the last corporate act of 2004. Now free from debt and still one of the top three package-holiday companies in Britain, it has finally removed doubts about its financial ability to continue trading.
Peter McHugh, chief executive, has a huge personal incentive to make the restructuring work, as he receives a £2m bonus if it succeeds and will have a significant stake in the new company.
The travel sector’s results will be affected by the horrors of the Indian Ocean tsunami, but experts say the trade will continue to recover after three terrible years.
Placing your money on MyTravel is a bold move, but the shares are at a rock bottom 6p. Sometimes it is darkest before the dawn.
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