Travelzest

Interim figures from UK and Canadian online travel group Travelzest show pre-tax profits up 141% to £1.4m.

The Somerset-based company, which is emerging from a restructuring following a particularly tough period in its fortunes, increased turnover 9% to £18.9m in the six months to April, while the value of transactions rose 14% to £119m. Steered since last summer by chief executive Jonathan Carroll, AIM-quoted Travelzest cites strong growth from its North American divisions, itravel2000 and The Cruise Professionals, noting bookings at the end of April 35% up on a year earlier, while UK operations ‘continue to improve’.

After difficult winter trading conditions, Carroll says the company is seeing ‘various signs of improvement’ in North America, but finds the UK market ‘continues to be challenging’. Having renegotiated its debt facilities, Travelzest is searching for appropriate acquisitions and remains ‘cautiously optimistic’ for the rest of the financial year to October.

After cutting annual losses from £3.6m to £42,000 last year, analysts suggest the company could make more than £4m pre-tax in 2009-10, with £5m on the cards for the following year. Floated at 126p five years ago, the shares plunged as low as 8p within the past year, but have shown signs of life more recently.

Highlighted by Growth Company Investor in 9p in January, the shares have now reached 19p. Hold on.