SHARES in the First Choice tour operator taking in Falcon and JWT Holidays in Ireland rose 4p to 63p on hopes of further profit recovery partly through reductions in price discounts on late sales of packaged holidays in Britain and Ireland.

Initial recovery from the disastrous summer 1995 experience is reflected in financial figures showing an increase in pre-tax profits from £1.3 million to £10 million in the year to October 31. Annual turnover increased 8.5 per cent to £1.01 billion.

Dividend payments are being cut by 43 per cent to 2.8p. At this level, the dividend payout is still not fully covered by 2.1p earnings In Ireland, directors say the group's Falcon and JWT, holiday companies had "a difficult year with increased competition as Thomson entered the market in a year where the overall market declined.