Broadway Travel has revealed annual turnover increased by a third during last financial year following the termination of a partnership with Teletext Holidays.
The group, which held its annual conference in Majorca earlier this month, has also welcomed a fifth member into its consortium, Global Hoppers joining from Thomas Cook’s Freedom Travel Group.
Further announcements about new members of the consortium are due in December as Broadway looks to add a “small amount of quality members” to the group.
Adam Pardini, managing director of Broadway, said as well as increased revenue the travel group had seen gross margins increase 37% year on year in the 12 months to September 30.
He said there were many questions at conference about Broadway’s decision not to tender to continue working with Teletext, but that the decision has paid off.
Teletext eventually opted to enter an exclusive agreement with Truly Travel in November 2013.
Pardini said: “There had been many questions internally and externally about Broadway’s decision not to continue to work with Teletext.
“Twelve months on we are delighted with the results our profit margins have increased by 16% on average and we are working smarter with greater efficiencies across the business.”
Broadway reported its luxury brand Inspired Luxury Escapes is 60% up for the year and it is now the 17th largest Atol holder in the UK.
Broadway became an Atol-accredited body two years and operating under the CAA’s trust account guidelines.
Pardini added: “I believe the success has been down to a very strong management team which are given the freedom to express their opinions and think outside the box which breeds fresh new ideas and breeds healthy competition throughout the group.
“This way we believe the business isn’t reliant on any one individual making all the decisions so moves at a faster pace.”
Broadway recently launched its Cruise Club headed up by Adele McGough and added to its commercial team with Doreen Hellens joining as commercial and events manager.