The London-listed firm booked a net deficit of £13.4m ($20.5m) in thesix months to 30 April down from £11.2m in the year earlier period.

However the result included £1.3m of restructuring costsmainly related to the closure of an office and £2.4m in seasonal tour operatinglosses.

On a like-for-like basis the result improved to a £9.7m lossreflecting a year-on-year uptick in its cruise division.

Since