Western and Oriental says it is on track to lead the consolidation of the niche luxury travel sector after issuing its first preliminary financial results since floating on the AIM stock exchange in March.
In the year to September 30 the group has made five acquisitions with a sixth, Made to Measure Holidays made in November and expects to make further acquisitions in the near future.
Turnover is up 76% to £14.4 million and the company has forward sales of £8.3 million, up fivefold from last year. Gross profits were up 35% to £2.4 million and overall losses before tax of £1.3 million were in line with management expectations, according to a company statement.
Chairman David Howell said: “I am delighted with the swift progress the group has made this year.
“We have delivered on a strategy to acquire strong UK travel businesses in the luxury segment of the market and have successfully begun to cross sell our extended range of products to our rapidly growing customer base.
“We believe we have put the foundations in place to lead the consolidation of this niche sector of the travel market.”