Page & Moy looks for profits despite sales slump
Page & Moy Travel sales director Colin Wilson said he was confident the company would make a "significant" profit this year despite a slump in sales.
Bookings are down year on year, he said, but revenues were up due to cost-cutting measures taken to ensure the escorted tours specialist returns to profitability.
Six million pounds was stripped out of the cost base last year following the appointment of new CEO Ian Smith.
Wilson said greater efficiencies will be achieved following the closure of the Page & Moy brand in 2013. From next year, the group will operate only two brands – Travelsphere for couples and Just You for single travellers.
Wilson admitted there had been job losses, but he said these were achieved mainly through natural wastage and affected only back office functions. "We have protected the front line staff. We don’t want to damage our customer service," he said.
Sales through the trade are up 40% year on year and revenue from trade sales is up 55%. "Overall we are down on last year – our estimate is that the whole market is down 15% to 20% – but we are on course to achieve our targets.
"It’s going to be a late sales market and because we have taken costs out of the businesses and we are selling more ancillary products, our revenue per passenger is up.
"We will make a significant profit this year, without a doubt."
By Linsey McNeill
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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