Travel Counsellors, based in Manchester, continues to thrive with record-breaking results for the year ending October 2023. The company’s Total Transaction Value (TTV) soared to £941.6 million, marking a 31% increase from the previous year.
Both the Business-to-Consumer (B2C) and corporate segments played a key role in this success. Corporate TTV rose to £215 million, while the premium-leisure B2C segment contributed more than 79% of total sales.
Momentum Continues for Travel Counsellors
Manchester-based travel firm, Travel Counsellors, has unveiled record-breaking results for the year ending October 31, 2023. The company’s Total Transaction Value (TTV) soared to £941.6 million, up by 31% compared to the previous year.
Both the Business-to-Consumer (B2C) and corporate segments of Travel Counsellors contributed to this impressive performance. Specifically, corporate TTV rose to £215 million, while the premium-leisure focused B2C segment accounted for over 79% of overall sales.
Financial Performance and Growth
Revenue also experienced significant growth, increasing by 31% to £456.6 million, mirroring the rise in TTV. Meanwhile, adjusted EBITDA saw even higher growth, jumping by 64% to reach £32.8 million. In contrast, 2022 had shown a pre-tax profit of £19.998 million, a remarkable recovery from a pre-tax loss of £10.713 million in 2021 due to the COVID-19 pandemic.
The pre-tax profit or loss for the 2023 financial year has not yet been disclosed. However, the company remains optimistic, supported by continuous investments in technology and infrastructure.
Technological Advancements and Investments
At the Rainmakers conference in March 2024, CEO Steve Byrne highlighted the support from private equity backers Vetruvian, who acquired a stake in the company in 2018. Vetruvian has committed £10 million to bolster the technology team, which now comprises 60 members.
The investment focus is on building a scalable platform to support long-term growth and enable travel counsellors to develop stronger customer relationships. Such initiatives aim to help counsellors scale their businesses more effectively.
Expansion and Recruitment
Throughout the year, Travel Counsellors welcomed over 300 new counsellors, both organically and through the acquisition of Holidaysplease. These new additions bring the total number of franchisees to more than 1,923.
The company’s rebranding effort ahead of its 30th anniversary created a fresh visual identity. This was coupled with updates revealing that the first half of the 2024 fiscal year saw a 14% increase in TTV compared to the same period in 2023.
In addition, 148 new counsellors joined in the first half of the year, representing a 23% growth against the prior year. The group now boasts over 2,000 franchisees.
Popular Travel Destinations and Market Focus
Top-selling destinations in the first half of 2024 included trending experiential locales like Thailand, Japan, and Sri Lanka. Traditional favourites such as the Middle East, Indian Ocean, USA, and the Mediterranean, along with cruise holidays, also remained popular.
In January 2024, Travel Counsellors acquired the Planisto technology platform to further enhance its tech stack. The integration of Planisto aims to accelerate technology development plans and focus on the premium travel market.
The platform enables travel counsellor business owners to create complex travel itineraries and present these intuitively to customers, making it a valuable addition to the company’s offerings.
Leadership Statements and Future Outlook
CEO Steve Byrne expressed his satisfaction with the company’s performance, calling FY23 another record year. “We delivered significant profitable growth and strategic progress across the business,” Byrne stated.
He emphasised the strength of their differentiated strategy and the trust placed by a record number of customers in their services. The first six months of the current financial year have shown promising double-digit TTV growth.
Byrne exuded confidence in continued success, stating, “Underpinned by continuous investment in developing our proprietary technology, we are exceptionally well placed to further build on our significant growth over the coming years.”
Strategic Vision and Market Disruption
Travel Counsellors aims to disrupt the travel market through personalised service and a scalable, relevant, and differentiated business model. The company is keen on maintaining its momentum and capitalising on the continuous growth observed in recent years.
Investments in technology and infrastructure, along with strategic acquisitions, are central to their long-term plans. These efforts are focused on enhancing customer experience and enabling business scalability.
In summary, Travel Counsellors achieved a remarkable fiscal year with record TTV and revenue growth. Significant advancements in technology and strategic acquisitions have fuelled this success.
The addition of new travel counsellors and the expansion into trending destinations position the company for continued prosperity. Their strategic investments and consistent growth highlight a determined path forward.