The company said that following a review of its financial systems, the financial control function had been re-organised and strengthened with new personnel recruited.
First Choice, which ousted its chief executive Francis Baron last November following a breakdown in boardroom relations, is developing a new business plan under the new chief executive, Peter Long.
A full review of operating expenses is being undertaken and the company said the benefits would be seen from next year. It was now taking a lower- risk approach to the package holiday business.
Ian Clubb, First Choice's deputy chairman, said the windfall share gains from Halifax and Alliance & Leicester building society conversions had yet to filter through to the holiday market.
Reporting a 6 per cent increase in bookings for this summer compared to last year as at 21 June, the company said the biggest growth had been in long-haul holidays. In the Mediterranean, holidays to Turkey had been growing fast.
After cutting its full-year dividend by a quarter in December, the half- year payout is a third lower than last year at 0.9p per share.
Pre-tax losses were pounds 30.9m in the six months to 30 April against pounds 23.4m previously.