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Holidaybreak slips as recession hits demand
TRAVEL specialist Holidaybreak hailed a "resilient" trading performance today after school trip bookings offset a loss-making year in adventure travel.
The group, which also offers camping and hotel breaks, posted pre-tax profits of 28.4m for the year to September 30, a drop of 13 per cent from the 32.6m seen a year earlier.
Holidaybreak said its education division was not materially affected by the recession as parents continued to prioritise spending on their child's school trip.
Operating profits at the division, which runs outdoor trips and cultural tours under the PGL and NST brands, rose by 69 per cent to 10.5m.
In contrast, the Explore-branded adventure travel business posted losses of 6.7m after weaker demand caused revenues to fall by six per cent at constant exchange rates.
"The relatively high cost and aspirational nature of trips means that they are more likely to be deferred in difficult times," Holidaybreak said.
It expects trading conditions to remain difficult in the short to medium term, as shown by a 12 per cent fall in adventure travel sales in the current financial year.
The York-based hotel breaks division also suffered during the recession with a six per cent fall in sales.
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Saturday 11 February 2012
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