EXCLUSIVE: Stella Travel UK reveals £19m boost in year-end results
Thursday, 15 Oct, 2010
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Stella Travel Services UK, which owns Travel 2, Travelbag and Global Travel Group, is reporting a £19m year-on-year increase on profit.
The company says the startling financial results for the year ending June 30 are thanks to a new UK management team, improved trading margins and a rationalisation of its cost base and operations.
It adds that short-haul turnover increased by 24% in the group’s B2C businesses and other highlights in the year included the re-establishment of Travel 2 and Travelbag as well-known and respected brands.
The results come with an EBITDAE (measure of operating cash flow) of £1.4m.
CEO of Stella Travel Services UK Andrew Botterill said: “We are delighted to announce such outstanding results given that 2010 has been such a distressing year for the travel industry.
Stella UK’s CEO Andy Botterill
"The long haul sector overall is trading 10.6% ahead of last year and with a strengthened board, as well as strong financials and facilities, we now feel well placed to deliver and capitalise on our future growth plans.”
The company says that it has seen “significant growth” from independent agents in the last 12 months “with many in double or even treble digit growth”.
Andy Freeth, managing director of agent-only long-haul tour operation Travel 2, said: “We’ve worked really hard over the last 18 months to reengage with independent agents. We’ve invested heavily in technology and increased our joint marketing and incentive schemes. It’s now very exciting to see the hard work pay off .”
Andy Freeth MD of Travel2
Travel 2 saw online bookings escalate by 400% when it re-launched earlier this year with a new, improved functionality website.
Stella UK was recapitalised and restructured in July last year and this included a £46m capital injection into the UK Group which is now separate from the remainder of the Stella Group.
by Dinah Hatch
Dinah
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