Secret Escapes Group achieved an operating profit of £1.6 million in 2023 following a loss of £14.8 million the previous year.
The full-year financial results for the year up to December 31, 2023, show the gross bookings value grew by 19% to reach £523.8 million, compared with £439.6 million in 2022.
Underlying revenue rose 14% to £104.1 million, up from £91.0 million in 2022.
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Secret Escapes chief executive Alex Saint (pictured) said: “We delivered a strong performance in 2023, supported by investment in our member offer, brand and proprietary technology.”
The group, whose brands include Secret Escapes, Travelist, Slevomat, Zl’avomat and Pigsback.com, said demand for travel was “robust” throughout 2023 but particularly high early in the year due to post-Covid demand.
“Consumers continued to prioritise experiences, albeit with a greater emphasis on value as a result of the ongoing cost-of-living pressures,” the company said.
It added the financial performance was delivered despite the impact of “several macroeconomic and geopolitical headwinds”, as well as disruption caused by extreme heat and wildfires in southern Europe.
EBITDA profit increased to £11.4 million – up from £4.0 million in 2022 – and the group finished the year with a strengthened cash position of £85.8 million, up from £74.5 million in 2022, supported by a £32 million equity raise and refinancing in July 2023.
Saint said: “We have further refined and improved our range of exclusive offers, ensuring we have the highest quality travel experiences, available when our members want to travel, at the lowest prices anywhere online.”
He added: “The group has had an encouraging start to 2024. Demand for travel remains robust but customers are looking for ways to do it more affordably, either by travelling at different times or by exploring new places. We are very well placed to meet this demand across our different geographies.”