GPM: In 2010, the company has grown a GPM by 1.49% than in 2009.

On the other hand, it dropped from 77.65% in budget to 75.84% in actual. And the gross profit in real money terms dropped from £3.5m in 2009 to £3.4m in 2010 representing a decline of 3%. ROCE: Shareholders may concern the significant decline of ROCE from 60.49% in 2009 to 23.93% in 2010. Looking at the balance sheet, there is a light decrease of fix assets and debtor in 2010, the company doesn’t have cash due to the computerization cost which focus on improving website. The overdraft increase much indicates that a borrowing was high with the properly hope of pushing sales and concentrate on decorating office. Product and destination 2010 In terms of the profitability this graph above explains the gross margin of sales for the different countries; France has a gross margin of -20 so it may be advisable for the company to re-consider supplying this location as a destination next year Also, still focus on uk. Meanwhile, Asia and Africa performance well. Gearing: Gearing is not high. It means that the company doesn’t face to a financial risk and can keep itself survive in tourism business. Looking at this ratio, the shareholders who have voting power to affect major business decisions may more or less happy because they expect to earn dividends yearly. Shareholder’s funds: The shareholder’s funds increase because the reserve grew up remarkably. Current and Quick ratio: The company’s liquidity situation is 0.32:1. Through the ratio indicates ability to repay debts, if all debts were to be settled in one day, the company would be in difficult situation. Judging by the company’s ratio, its liquidity situation seems a more likely reason for taking longer in settling its own debt. Debtor days: we can see the decrease in the average length of days taken by credit customers to settle debts due to the decline of trade debtors from 825,000 in 2009 to 625,000 in 2010. This reduces the risk of bad – debts. Creditor days: the company is taking an average of 84 days to settle its debts in 2010. This is the high increase compared to 41 days in 2009. It means that the company has good managerial practice to withhold paying creditors may damage credit rating.

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