Gatwick-based Excel Airways overcame difficult trading conditions to post better than expected results during the festive season.

Excel's turnover increased 36 per cent to £247million in the year to October 31 while pre-tax profits rose to £13.4 million from £3.4million.

The company said adjusting its capacity to meet demand and a growth in passenger numbers produced the impressive figures.

It was now looking to the future with "considerable optimism" after launching a new Caribbean service in November.

Excel also reported continuing strong demand for low-cost seats, particularly from internet customers.

Excel was set up three years ago by a team of industry veterans and floated on the stock exchange in November 2002. It is 80 per cent owned by Cyprus-based Libra Holidays.

Monday January 05, 2004