Bookings fall but revenue grows for Midlands Co-op
Midlands Co-op Travel saw a rise in sales of £1.7 million in the first six months of its financial year despite fewer bookings, the company has said.
Reporting its half-year results, the agency said a growth in foreign exchange and increase in the average selling price helped off-set the decline and bump up sales in the six months to August 6. It declined to reveal total figures.
Profit before tax for the group, which includes travel, retail, funeral and property, increased 11% to £16.5 million although its underlying trading profit fell sharply by 6.9% to £7.9 million. Midlands Co-op blamed the decline on rising oil costs which it claimed were being absorbed by retailers.
Midlands Co-op Travel general manager Peter Povey said the agency has been responding to the changing market.
“The rise in foreign exchange booths is in direct response to increased passengers using low-cost airlines for short-hop breaks,” he said. “Foreign exchange sales are now marketed more widely across the whole travel retail estate which has resulted in stronger sales.”
He said its dynamic packaging brand, Travelcall, is also gaining momentum, and has now been developed into a consumer website where customers can book their holidays online or on the phone. It has previously only been available through its own shops.
Report by Steve Jones
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