Another dismal result from floundering retail group Jetset Travelworld (JET) for the half year to Dec 31: turnover dropped 11.3% to $2.496bn, revenue fell 8.8% to $171m and net profit slumped 23% to $8.6m. CEO Rob Gurney largely blamed the result, which came despite a 10% reduction in costs, on falling air fares and declining corporate travel revenues. It was a relatively lucid moment in a release polluted with meaningless management speak.
"Transformational strategic options have been developed and key stakeholder engagement is well advanced."
"Whilst a number of cost reduction initiatives will continue to be pursued, the significant transformational initiatives are still in their infancy and the full cost and timing is being developed.
"However the extent of the transformation envisaged is expected to deliver long-term benefits in the dynamic and growing travel markets"
I think he means things will get better.