First Choice posts record year
First Choice is crediting its specialist businesses division with achieving 50% of profits in what has been a record year for the company.
The travel group has posted a profit before tax, goodwill amortisation and exceptional items of £98.3 million, up 13% from last year’s figure of £87.1 million.
The specialist businesses grew operating profit by 19% to £24.6 million and account for 50% of the group’s profit. Chief executive, Peter Long, said he hoped to grow this figure to a 66% proportion of profits accounted for by specialist business next year.
Meanwhile the mainstream holidays continue to grow, with operating profit in that sector up 6% to £48.5 million, which First Choice puts down to effective management of capacity.
According to First Choice chairman, Michael Hodgkinson, the strategy of greater flexibility and the introduction of a group sector structure has enabled the company to compete more effectively in a changing marketplace.
Over the course of the year, First Choice made 11 acquisitions at a cost of £28.3 million, including The Adventure Company, Let’s Trek Australia, Trips Worldwide, StudentCity.com and The Adventure Center.
Report by Ginny McGrath
Ginny McGrath
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