Turnover at Mark Warner fell by 14% last year after the operator suspended operations in Turkey to concerns over political volatility in the country.
However, the company was able to hold its prices and improve profit margins.
Sales for the year to October 31, 2016, fell from £42.7 million to £36.4 million, the Mail on Sunday reported.
This came as holidaymaker numbers fell from 40,956 to 33,121.
But pre-tax profits fell only marginally from £645,000 to £527,000.
The London-based operator of activity-based holidays said bookings for this summer were “encouraging” with Greece and the western Mediterranean performing strongly.