Club Med hit by chill winds of downturn

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Winter 2009 bookings are down 2.4% from a year earlier, while winter capacity is 3.1% lower. Nevertheless, the company continued to improve profitability despite the worsening economic climate.

"The global economic crisis has led us to take effective, immediate measures to trim sail," said chairman and chief executive Henri Giscard d'Estaing.

Revenue was €1.49 billion (£1.31 billion) for the year, up from €1.41 million in 2007. The company swung from an €8 million net loss last year to a net profit of €2 million.

The company's results were boosted by the sale of Jet Tours and the Club Med Gym chain during the year to focus on its resorts where it is putting €1 billion into a global makeover to move upmarket.

Analysts see it as a risky strategy as slowing economies and higher travel costs weigh on consumer spending.