Travelzest unveils record operating profit
Online travel group Travelzest has unveiled record operating profit for the year to October 31 2007.
Its total transaction value increased jumped from £44.1 million in 2006 to to £169.9 million, while turnover increased 101% to £38.5 million.
Gross profit margin was £20.6 million, compared to £7.3 million in 2006. This represents 53.5% of turnover.
EBITDA (before share based payments of £0.5 million) was £4.3 million, while underlying profit before tax, goodwill amortisation and share based payments increased 256% to £3.2 million.
Chief executive Chris Mottershead, said: “This result has exceeded management’s expectations at the start of the year.
“We have demonstrated the consistent delivery of the Group’s objectives and I believe we are well placed to capitalise on the continued growth of online leisure travel and specialist niche tour operations.
“We will continue with our strategy in 2008 and look forward to the coming year with confidence.”
He said the results were helped by a strong performance from its Canadian online retailer, itravel2000.com, growth achieved in UK specialist tour operators, the acquisition of four UK specialist tour operators, and the current development of holiday.co.uk and flight.co.uk.
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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