The Travel Network Group has seen the amount it makes from its operations increase, although profit before tax remains in the red following last year’s management buyout.

Accounts for the agency consortium and parent of the Travel Trust Association and Worldchoice groups for the year to June 30, 2016, were filed at Companies House this month.

They show the company boosted Ebitda, a measure of profitability before costs and exceptional expenses, by 20.8% to £1.49 million.

Pre-tax earnings in 2015 stood at a loss of £5.73 million due to one-off charges associated with the management buyout but improved last year to a loss of £99,698.

Gary Lewis, TTNG chief executive, said: “We have gone through an MBO and the figures reflect pre and post-deal costs and of restructuring the business.”

Money owed by the group includes an £800,000 bank loan due to be repaid within one year.

The accounts report total transaction value up year on year from £42.8 million to £46.4 million while turnover was up from £5.86 million to £6.65 million.

Lewis noted in the results that the outbound travel operating environment “continued to be weak” in 2015-16 with “slow retail performance” although TTNG had “outperformed the market”.

He said he took a “conservative view” on future trading and overall demand. However, speaking to Travel Weekly this week, Lewis said he was now more optimistic than in the period post-Brexit.

“Going into a general election will hopefully give us more clarity about Brexit,” he said.

“We have had stability with Theresa May and whatever her reason for calling the election it is short-term pain for long-term gain if we get more clarity out of it.

“Hopefully it will strengthen

her hand with her party in going for a softer Brexit.”