‘Resilient performance’ as Holidaybreak reports profit drop
Friday, 27 Nov, 2009
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Headline annual pre-tax profit at Holidaybreak was down from £32.6 million to £28 million.
The result for the year to the end of September was described as a resilient performance in a difficult economic environment.
The domestic, camping and adventure travel group said it was “encouraged” by recent trading patterns.
A trend towards people booking holidays later continues although the group said it benefited from strong late bookings in its camping and adventure travel divisions.
“Holidaybreak has strong brands with market leading positions across different travel segments operating in various European markets,” a statement said.
“We continue to look at ways of exploiting opportunities for investment and acquisitive growth in our education businesses.”
The group is continuing to look for further locations for PGL centres, as well as opportunities to acquire other education businesses.
Sales for the camping division are running around 7% down on last year’s level on 8% lower capacity for the 2010 season. The trend to later bookings is expected to continue. The headline operating profit was £12.9 million, down from £13.8 million.
Hotel break revenue was £141.3 million, down from £149.9 million with a headline operating profit of £12.6 million against £15.5 million. For 2009/10, sales intake for the division is up approximately 4% from last year reflecting improved demand into London in particular.
The education division’s revenue was up to £122.3 million from £109.5 million with a headline operating profit up 25% to £13.6 million. For 2009/10, the division is 79% booked and sales are in line with last year, the company said. PGL outdoor education centres are 92% booked for 2009/10, with revenue growth currently running at approximately 5%.
Adventure travel revenue was up to £97.9 million from £94.6 million producing a headline operating profit down to £4.2 million from £4.8 million. For 2009/10 sales intake is 12% lower than last year, “consistent with our expectation of lower demand levels”.
Executive chairman John Coleman said: “I am pleased to say that the group has demonstrated a resilient performance in a difficult economic environment.
“The education division is not materially affected by the recession as parents continue to prioritise expenditure on their child’s school trip.
“Camping is well positioned, offering flexible family holidays across a wide choice of destinations and representing value for money.
“While Adventure has seen a more challenging period, both it and Hotel Breaks are well placed to benefit from any upturn in general economic conditions.”
by Phil Davies
Phil Davies
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