Strategic acquisitions and increased marketing spend have been flagged by Kosmar owner The Destinations Group as part of expansion plans.
The company is actively looking for investors to “turbocharge growth” rather than relying solely on organic expansion.
The disclosure came as the company reported a 248% surge in annual turnover and a 126% increase in operating profit for the financial year ending January 31, 2024 without providing figures due to “strategic confidentiality”.
The performance reflected a strong focus on operational efficiency and effective cost management, according to the group.
The year saw the “decisive move” of bringing Kosmar and homeworking arm Destinations Desired under the unified umbrella brand.
The strategic realignment by the Sheffield-based company streamlined operations but also enhanced the group’s market position.
Destinations Desired expanded its network of tailormade experts, with each new franchise contributing an average increase of between £250,00 and £500,000 in annual turnover.
The company also laid the groundwork for the introduction of two new ventures – Cruise Exclusive, a specialist in curated cruise experiences set to launch in 2024-25; and Travelix, a technology division covering CRM, booking systems, and website solutions for travel agencies and niche tour operators.
Managing director Jay Worsnop-Hesford said: “We’re in a strong position and see significant opportunities to accelerate our expansion and market reach with the right investment.”
He said that the diversification strategy, underscored by membership of the Travel Trust Association and adherence to the Atol scheme, “positions us uniquely to navigate and thrive amidst the complexities of today’s global travel environment”.
The group bolstered its tour operating division last year by added more than 6,000 hotels and 3,000 villas to its portfolio.
The expansion was complemented by the group’s attaining its first Atol, “further ensuring the financial protection and peace of mind for its clients,” Worsnop-Hesford added.
“Despite the backdrop of global uncertainties, we saw a shift in consumer preferences, with a marked inclination towards western destinations.
“Our agile response, coupled with our strategic partnerships and technological advancements, enabled us to navigate these changes effectively, ensuring our platform’s stability and readiness for future scaling.”