Growth in internet use helps Travelzest move into black
Specialist travel group Travelzest has recorded a six month profit improvement of £3 million.
The company’s results for the winter period showed a profit of £1.7 million before interest, tax, goodwill amortisation against a loss of £1.3 million for the same period a year earlier.
This was based on an 84% rise in total transaction value to £86.3 million for the half year to April 30.
The improved performance was helped by a strong performance from UK winter biased tour operating businesses, such as Best of Morocco which saw a 30% rise in sales. Canadian arm itravel2000.com achieved a 17% increase in sales.
Chairman Mark Molyneux said: “We continue to capitalise on the changes taking place in the global travel market.
“Fuelled by growth of internet use, there are increasing opportunities for travel companies to offer niche holiday products to consumers who are more sophisticated and demanding in their travel needs.
“In addition, the internet also provides a means of communicating and transacting with customers which is more efficient and lower cost than a traditional travel retailer.
“We are building a portfolio of companies offering travel and holiday experiences which use the internet as a key distribution channel.”
He added that current trading was in line with expectations.
“In the coming six months we will continue to focus on existing businesses and also onsider further acquisitions where these meet the group’s acquisition criteria,” added Molyneux.
Chief executive Chris Mottershead said: “When the Travelzest concept was launched we set out to create a travel company which generated profits throughout the year. I am very pleased to report that we have managed to achieve a profit in the first six months in only our second year.”
by Phil Davies
Phil Davies
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