Momentum continues for the Manchester-based Travel Counsellors. They have reported record results for the year ending October 31, 2023.
The company’s Total Transaction Value (TTV) hit £941.6 million, a 31% increase from the previous year. Both their B2C and corporate sectors achieved remarkable results.
Record Performance in 2023
Momentum has continued for the Manchester-based group. Travel Counsellors reported impressive results for the year ending October 31, 2023.
The company revealed its Total Transaction Value (TTV) soared to £941.6 million. This represents a 31% increase from the previous year. Notably, their B2C and corporate sectors both achieved record results.
Impressive Corporate Growth
The corporate TTV climbed to £215 million. Over 79% of sales came from the premium-leisure focused B2C business. Such fantastic numbers highlight Travel Counsellors’ strong market position.
Revenue also saw a 31% hike, reaching £456.6 million. This growth was reflected in adjusted EBITDA, which surged by 64% to £32.8 million. The company had a pre-tax profit of £19.998 million in 2022.
Impact of Covid-19 Recovery
This is a significant improvement from the £10.713 million loss in 2021, largely due to the Covid-19 pandemic. The pandemic had a devastating impact on the travel industry.
No pre-tax profit/loss figure has been published for 2023 yet. The company’s quick recovery and continuous growth are commendable.
Investment in Technology
Steve Byrne, chief executive, highlighted major technological investments at the Rainmakers conference in March 2024. They have a 60-strong technology team, supported by private equity backers, Vetruvian.
£10 million is slated for further technology advancements. Travel Counsellors aims to build a scalable platform and foster lasting customer relationships.
More than 300 new travel counsellors joined, both organically and via acquisitions like Holidaysplease. This takes the total number of franchisees to over 1,923 at the end of the year.
Rebranding Ahead of Milestone
Ahead of its 30th birthday in 2024, Travel Counsellors underwent rebranding. This provided a fresh, new visual identity.
The first half of the 2024 fiscal year has started on a high note with a 14% rise in TTV. The addition of 148 new travel counsellors further boosted the group’s strength.
Popular Travel Destinations
Top destinations included Thailand, Japan, and Sri Lanka. Long-standing favourites like the Middle East, USA, and Mediterranean were also popular.
Cruise holidays continued to attract significant interest. The varied travel interests reflect Travel Counsellors’ wide-reaching appeal to diverse customer bases.
Strategic Acquisition
In January 2024, Travel Counsellors acquired the Planisto technology platform. This move bolsters their tech stack significantly.
The integration aims to accelerate development plans and focus on the premium travel market. This functionality allows travel business owners to create complex itineraries easily.
CEO Steve Byrne emphasised the importance of this acquisition, stating it will further enhance the company’s growth trajectory.
CEO’s Vision for Future Growth
Steve Byrne stated, “FY23 was another record year for Travel Counsellors.”
He attributed their success to the business’s differentiated strategy. The number of customers trusting Travel Counsellors for their travel needs has hit a record high.
The CEO is confident in the company’s future. With continuous investment, particularly in proprietary technology, Travel Counsellors is poised for further growth. Their approach continues to disrupt the travel market through personalised service and scalable models.
Financial Performance and Projections
The company’s financial projections remain strong for the upcoming years.
Travel Counsellors aims to build on its significant growth in the future.
Quotes and Insights
“Our strong momentum has continued,” said Steve Byrne. The company’s commitment to technology and customer service is clear.
Strategic investments in technology highlight Travel Counsellors’ broader ambitions. This approach positions them as a leader in the travel industry.
In conclusion, Travel Counsellors has demonstrated remarkable growth and resilience. Their focus on technological advancements and personalised service has set them apart in the travel industry.
With continued investments and strategic acquisitions, the company is well-equipped to maintain its momentum. Their future in the travel market looks promising, driven by innovation and a robust customer base.