CNG travel company 2005 results below expectation

Kerry-based travel group, CNG, today warned that its results for 2005 would be below expectations. In a trading update, the group said it has also undertaken a strategic review of the business and this has resulted in the decision to exit the consumer leisure sector. CNG said the business to consumer leisure sector no longer matches the group’s strategic objectives. Though good progress has been made in integrating the Places to Stay brand the company said it will now seek to dispose of that business along with the other assets in the Leisure Division. In March of this year, CGN posted pre-tax losses of USD5.59m. Last month the company announced the resignation of Ronnie Culliton as Finance Director and Company Secretary.