06 May 2009

Co-op Travel reports profit boost

The Co-operative Travel has turned a Ã&#pound;2.1 million loss in 2007 into profit of Ã&#pound;5.3 million in 2008.

In the 52 weeks ended January 10, it achieved a 20.7% rise in turnover, up from Ã&#pound;217 million to Ã&#pound;262 million.

The group said online sales have grown significantly since the
introduction of a new website in December, with an increase of
more than 250% in the final weeks of January compared to 2008.

It said a re-branding and refurbishment, plus the closure of a number of loss-making branches, also had a big impact on the figures.

Managing director Mike Greenacre said he was delighted with the results, but added: ââ¬ÅâœHowever, I would sound a note of caution, as travel sales since the turn of the year have suffered as much as many industries as a result of the global credit crunch.

"In addition, the strength of the Euro versus the Pound has had a negative impact on holidays within the Eurozone, whilst job insecurity has meant that many holidaymakers are waiting far longer than before to book.

ââ¬ÅâœI am, however, confident that sales will pick up as the summer holiday period approaches, and that The Co-operative Travel will enjoy another very profitable year.

"Furthermore, the launch of our tour operation will provide our customers with a quality product that I know will prove extremely popular for many years to come.

ââ¬ÅâœWe are extremely positive about our progress, which is in no small part due to our fantastic employees, who remain incredibly professional and loyal to this business. I would like to extend my personal thanks to everyone who has helped to ensure the success of The Co-operative Travel."

The Co-operative Group as a whole, which includes food and financial services, increased operating profit before significant items by 11% to Ã&#pound;393 million.

It reported record results, with gross sales including VAT up 15%, breaking through the Ã&#pound;10 billion barrier.

Chief executive Peter Marks said: ââ¬ÅâœAt a time when the economy is struggling and many business models are coming under intense pressure we truly believe that The Co-operative Group is coming into its own.ââ¬~


By Bev Fearis

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• Co-op Travel reports profit boost
  
  

  I am very much impressive with the news despite the credit crunch you still made it. keep it up

  By shaban saleh, Wednesday, May 13, 2009
• Traveltek response to swine flu
  
  

  In response to the current Swine Influenza outbreak and the World Health Organisation's (WHO) increase of the phase to Phase 5, we are monitoring the situation closely and taking steps to minimise the potential threat to services. As you will be aware Traveltek has well developed and robust business continuity plans as part of our commitment to customer service; a standard we have held since 1996. As such our support mechanisms are fully capable of being operated in a dispersed manner seamlessly and efficiently without degradation of performance. In the event of a deteriorating situation, we may invoke our Business Continuity Plan (BCP) and may move customer support to a dispersed stance; then we may put our Customer Operations Team (COT) on this footing and they will be working from home as and when the need arises. Staffing within our organisation will be maintained as fully as practicable but most support operations will be fully manageable remotely. In the event of a sustained period of degraded operation, support of customers current solutions will be our primary focus and staff will be tasked accordingly. We believe we are taking active and commensurate actions in response to the current situation and will continue to monitor the situation in relation to the WHO's advice. We will be working with partners and sub-contractors to determine their readiness so we can respond appropriately. Though the situation is serious we take the position that any potential pandemic will be well handled by European medical services and disruption should be minimal. We will review our stance as new information presents itself. Yours sincerely best regards Kenny Picken Managing Director Overkill for sure

  By Kenny Picken, Thursday, May 7, 2009