Anite boosted by Thomas Cook compensation payment

Anite’s travel technology business performed “reasonably well” in the year to end-April09 , with the results boosted by a one-off payment of £2.3m from Thomas Cook Group “in relation to the early settlement of a contract with MyTravel”.

The contract was lost as a result of Thomas Cook’s takeover of MyTravel, which saw the former MyTravel businesses move away from Anite’s reservation system and services and onto the Thomas Cook platform.

While the original contract seems to have been cancelled, Anite will continue to provide “a modified service” to Thomas Cook Group for another five years.

Similarly, Anite also lost First Choice as a client as a result of its merger with TUI and the move of First Choice onto the Thomson reservation systems.

“The loss of these two companies as clients will effect future revenues,” it acknowledged.

Anite also provided the reservation systems for XL, the tour operator which went out of business  in September 08, leaving Anite with “a very small bad debt.”

On the positive side, it has done well in Germany, signing a contract to provide its @ComRes platform to REWE, Germany third largest tour operator.

It also continues to work with TUI Germany, TUI Central Europe and is positive about international interest in the @comRes system. The forex benefits of the euro also helped the numbers.

Despite the loss of major clients, the travel technology business still ended the year in the black, returning an adjusted operating profit of £9.5m.

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