Travelzest ‘lays foundations’ for profitable growth
Travelzest achieved an improved pre-tax profit of more than £400,000 in the year to October 31, 2006.
Total transaction value increased by 261% to £44.1 million with turnover up by 70% to £19.2 million.
Profit before tax and goodwill amortisation rose to £863,000 from £74,000 the previous year, while profit before tax increased by almost 600% to £404,000 from £58,000.
The number of passengers carried by the group’s tour operators and booked through its online distribution channels increased by more than 300% year-on-year to over 98,000.
The specialist travel group now has eight specialist businesses including Best of Morocco, Peng Travel and Fair’s Fare which all made a positive contribution to the group’s results for the year, according to the company.
The company subscribed to the entire share capital of Tapestry Travel of £255,000 last November.
Chairman Mark Molyneux said: “We aim to build a group of companies offering specialist travel and holiday experience where the internet provides an efficient means of communicating and transacting with customers. By providing management expertise, financial investment, cross-selling opportunities and group buying discounts, we will enable these businesses to be more successful and profitable than if they were independent.
“We believe in a small head office which determines strategy, provides resource, sets objectives but leaves local management motivated to run their businesses.
“We also believe in balancing our portfolio by having businesses which make profit at different times of the year. This avoids the problem which faces so many travel businesses of having all their profits and cash flow dependent upon just a few months’ performance.”
Chief executive Chris Mottershead said: “Within 12 months a considerable increase in profit has been achieved.
“Focusing on the key growth opportunities in the travel industry – specialist tour operations and online distribution – growth has been driven initially by acquisition and with eight businesses already under the Travelzest umbrella, the foundations are in place to achieve sustained profitable growth.
“We look forward to the coming year with confidence and to delivering the full year benefit of the acquisitions made during 2006.”
by Phil Davies
Phil Davies
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