PROFITS at holiday giant Airtours have soared to record levels, figures released today revealed.

And the East Lancashire based firm said it was looking to continue the expansion programme that has already turned into a major world player.

It made a pre-tax profit for the year to September 30 of £86.8 million, a 46 per cent lift from the £59.4 million in the previous 12 months.

The performance was boosted by a record profit from its Scandinavian operations of £34.5 million, up by 38 per cent.

David Crossland, chairman and chief executive, described the results, which topped City forecasts, as "excellent". Mr Crossland said Airtours, which employs more than 800 in East Lancashire, had completed the three-year process of transformation from a UK tour operator into an internationally diversified leisure group with operations in Europe, US and Canada.

The group said it believed there would be significant opportunities for more acquisitions.

UK winter bookings were 13 per cent ahead of last year while summer bookings were 57 per cent ahead.

Sunquest, the company set up earlier this month to bring the British budget holiday concept to California, had been well received in the travel trade although it was too early to predict its commercial success, said Mr Crossland.

The company is moving into the timeshare market with a joint venture to develop a resort in Orlando, Florida, which will be marketed to the group's UK, Scandinavian and Canadian customers.

The first phase of the venture, aimed at attracting potential visitors to the Disney World, Sea World and Universal Studios sites, will cost £24 million and will be completed by autumn 1997.

Converted for the new archive on 14 July 2000. Some images and formatting may have been lost in the conversion.