Holidaybreak looking for acquisition opportunities
Holidaybreak revealed it is looking for further acquisition opportunities as it unveiled headline profit before tax of £40 million for the year to September 30.
The company, which bought West End Theatre Bookings and education specialists PGL and NST earlier this year, said these purchases had increased borrowings.
But chairman Robert Ayling said: “We will continue to examine opportunities to make sensible acquisitions which we believe will serve our shareholders in terms of growing the business, achieving a good return on investment and generating cash.
“We are also allocating capital for organic development opportunities within our existing businesses, where appropriate.”
He said trading and financial prospects for the current financial year are in line with expectations.
“We will continue to invest in our businesses in 2008 and review possible acquisitions which meet our stringent financial criteria and will fit with our existing portfolio of businesses.”
The group’s breakdown of sales is now Hotel Breaks (34%), Adventure Travel (21%), Camping (24%), and Education (21%).
Its 2007 headline profit before tax of £40 million compared to £33.1 million in 2006.
It was achieved on revenue of £357.9 million (£304.5 million in 2006).
Net debt at September 30 2007 was £146.5 million (£3.1 million in 2006).
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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