ALG loss widens

UK cruiseship operator All Leisure Group (ALG) has posted a bigger first half loss as revenue fell.

The London-listed company said the net deficit in the six months to 30 April was £15.67m ($26.82m), up from £13.39m in the same period a year ago.

Revenue fell to £49.2m against £53.28m in the seasonally quieter period of its financial year.

The deficit includes higher unrealised losses on derivatives of £3.9m.

But it has cut costs by £0.3m after integrating its tour operations last year and enjoyed year-on-year revenue growth within its cruise unit.

 “The performance in the first half of the year has been in line with expectations despite a continued tough trading environment,” it added.