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Broadway targets further growth after ‘most successful year’

Broadway Travel Services has increased turnover by 23% year-on-year to £204 million for the year ending September 30, 2015.


The group, which has a large portfolio of brands including Broadway Travel, Broadway Cruise, Inspired Luxury Escapes, Bedswithease.com and the Broadway Travel Consortium, revealed the figures at this year’s conference – its seventh – in Madeira. 


It is the group’s most successful year to date since it was set up in 1948.


Turnover for the previous year, to September 30, 2014, was £165 million. Gross profit for the group has increased 24.9% from £12.4 million to £15.4 million for the latest financial year.


Next year it is targeting turnover of £230 million and gross profit of £17.3 million.


Finance and commercial director, Jill Mitchell, said: “All divisions have seen margins increase this year which has helped our profitability. Gross profit has gone up by more than our turnover.”


Inspired Luxury Escapes, Broadway’s direct-sell five-star European tour operation, is the most profitable brand within the group. Its turnover was up 26% year on year.


Its Holidaydeals2go.com brand saw an increase in turnover of 59%. Its cruise division Broadway Cruise, which was set up a year ago, has achieved turnover of £2 million in its first year.


Managing director, Adam Pardini, said: “We will look to at least double the turnover (for Broadway Cruise) in the next year. By going into dynamic packaging we will be able to offer more flexibility, competitive prices and unique product.”


The group’s trade-only bed bank Bedswithease.com has seen sales grow 36% in the last 12 months to the end of September, with turnover at around £50 million.


Pardini said the group was targeting growth of 45% for the bed bank next year, with 500 more directly-contracted hotels to be signed up by Christmas and plans to expand the network of agents it sells through.


The Broadway Travel Consortium, which is almost three years old, has its most successful year to date with combined turnover of its five current members reaching £65 million for the 12 months to the end of September.


Pardini said the group had decided to have an “open approach” at the conference, with no closed sessions, and allow suppliers and members full access to its figures. He said the move had been welcomed by delegates.

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