Intrepid Travel achieved a financial turnaround of almost £25 million last year as it returned to the black in a rebound from the pandemic.
A net profit of £11.3 million was posted for 2023 despite conflict in the Middle East, natural disasters, high inflation and cost of living concerns in key markets affecting consumer confidence.
Bookings rose by 68% year-on-year to £320 million, while the net loss after tax of £13.3 million in 2022 was transformed to a profit of £11.2 million last year – a £24.6 million turnaround.
This came as year-on-year online revenue grew by 41% and £92.7 million came via web bookings, representing 10,000 more direct customers in real terms. Total revenue increased 113% to £276 million.
The world’s largest adventure travel company contributed a record £2.4 million to charitable and community causes during the year.
The financial results mark the end of the operator’s pandemic recovery period and reflects the growing global demand for sustainable and experiential travel.
This is proof that a purpose-led approach is also good for the bottom line, according to Intrepid.
The report openly shares challenges from the year. These include increased operational issues, particularly around travel in conflict affected regions such as the Middle East, natural disasters and the cost of living crisis.
Intrepid also disclosed an increase in its carbon emissions and CO2 intensity per passenger year-on-year.
This was primarily driven by recent acquisitions and changes in trip emissions modelling.
Intrepid developed a decarbonisation roadmap to meet its 2035 science-based targets in recognition of the challenge of balancing decarbonisation while also growing its business,
Accountancy firm PwC was also commissioned for the first time to provide independent assurance of the company’s environmental performance.
The strongest financial performance and best impact results in Intrepid’s 34-year history are outlined in the company’s integrated annual report voluntarily published each year as part of a commitment to public transparency as a B Corp.
Intrepid measures its performance using a balanced scorecard approach and combines traditional financial reporting with sustainability reporting and governance to benchmark success against all activity.
The operator also grew its staff shareholders to 421, up from 52 in 2022, who will be paid the company’s first dividend since pre-Covid 2019. This is in addition to a short-term and an enhanced bonus to be paid to eligible staff.
Chief executive James Thornton said: “Last year was a phenomenal year of growth and our team demonstrated innovation and determination.
“This has set the foundation for Intrepid to embark on its journey towards its ambitious future targets.
“We are now looking to the future with our 2030 strategy, under the strategic vision: ‘The world needs more Intrepid people’.
“This will see Intrepid carry 600,000 customers, achieve revenue and earnings of over A$1.3 billion, and contribute 1% of revenue to purpose by 2030.
“That’s our aspiration and that’s how we believe we can create positive change for our staff, travellers and the communities we visit.”