The extent of financial recovery from the pandemic achieved by Travel Counsellors and subsequent booking strength is disclosed in figures issued today.
The homeworking firm turned an annual loss of £6.8 million, reflecting the impact of Covid, into a profit of more than £20 million in the 12 months to October 31, 2022.
The record financial performance came as both Travel Counsellors’ leisure and corporate businesses performed “significantly ahead” of pre-pandemic levels across all markets.
The company continued the strong momentum into the current financial year with trading 64% higher over the winter six month period to April than the comparable pre-pandemic period, with top-selling destinations including the US, Spain, Greece, UAE and the Maldives
Chief executive Steve Byrne said: “We are accelerating rapidly towards being a £1 billion-plus transaction platform in the near future and look forward to serving more customers and helping more travel entrepreneurs to grow their businesses in the years ahead.”
Presenting itself as a “technology platform for travel entrepreneurs”, the business saw revenue top pre-pandemic levels of £309.8 million for the financial year at £347.8 million against £68.1 million in the prior 12 months.
Annual total transaction value was up to almost £720 million against £631 million prior to the pandemic and £174.6 million in the year to October 2021.
The firm attracted 149 new travel counsellors in the period, taking numbers up to more than 1,800 franchisees at the year-end.
Consistent record-breaking months in each of the first six months of the current financial year was reported, with total transaction value of £486 million, up 64% on 2019 pre-pandemic levels.
The takeover of Holidaysplease was completed in March, the company’s first acquisition in its near-30-year history.
Byrne said: “FY22 was a record year for Travel Counsellors as we delivered significant growth across the business against both the prior year and pre-pandemic levels.
“This outstanding momentum has continued into the first six months of the current financial year, as we have delivered consistently record-breaking months.
“Our strong results once again demonstrate the strength of our differentiated, disruptive business model as well as growing customer demand for our trusted and personal travel advice.”
He added: “We went into the pandemic with outstanding levels of customer engagement and satisfaction.
“Whilst the pandemic significantly disrupted our customers’ ability to travel, we were resolutely committed to maintaining close relationships with them and protecting our brand’s hard-earned reputation.
“I am delighted we have maintained our five-star Trustpilot rating despite the significant levels of disruption and uncertainty facing our customers during this period.
“This is testament to the relentless hard work, commitment and care shown by our Travel Counsellor business owners, who are dedicated to putting their customers first and ensuring they are there for them for every step of their journey.
“Equally our employed colleagues who work so hard to support our franchisee community and ensure they continue to build thriving businesses using our personal, digital platform of support which combines the very best of people and technology.
“I am extremely confident that we are exceptionally well placed to further build on our significant growth over the coming years.
“We are focused on continuing to disrupt the travel market through superb, personalised service and our scalable, relevant and differentiated business model.