Specialist luxury travel group Western & Oriental has bucked tough trading conditions by turning a loss last year into profit for the full year ended September 30 2009. Profit before tax and exceptionals was £14,000 compared to a loss of £4.2 million in 2008. Overall, revenue fell by 8% to £57.6 million from £62.7 million in 2008, but gross profit margins improved year on year to 16.3% compared to 15.5% in 2008. Administrative expenses were down 27% to £9.8 million and central costs were cut by 14% to £3 million. The company attributed the “significant” improvement in its performance to early and decisive action to reduce costs and integrate products. Commenting on the results, chairman David Howell said: “The group’s decision to significantly reduce the cost base at the end of the 2008 financial year and integrate the product offerings, coupled with a degree of consumer confidence post-August 2009, allows the board to view 2010 with some increased optimism.”
Jacobs Media is honoured to be the recipient of the 2020 Queen's Award for Enterprise.
The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.