Advantage Travel Partnership reported a remarkable increase in net profit, nearly doubling to £1.2 million for the year ending September 30, 2023.
- UK sales turnover soared by 69%, reaching an impressive £7.6 billion last year, with significant contributions from business and leisure travel.
- The organisation’s post-Covid transformation has enabled it to exhibit a robust financial performance, reassuring members and partners.
- The company plans strategic expansions and growth, bolstered by a 25% increase in membership.
- Advantage Travel remains optimistic despite potential challenges, attributing success to consumer passion for travel and strategic operational enhancements.
Advantage Travel Partnership has reported a significant upswing in its financial performance, with net profit almost doubling to £1.2 million for the fiscal year ending September 30, 2023. This surge is attributed to a substantial increase in turnover, which rose from £21.5 million in 2022 to £33.2 million in 2023. The consortium attributes this growth to its adept post-Covid transformation, which included strategic investments and expanding its membership base.
The consortium announced a staggering 69% boost in UK sales turnover, which now stands at an impressive £7.6 billion. This figure is part of a larger global sales turnover of £15.6 billion. UK operations contributed significantly to this growth with £5.7 billion from business travel and £1.9 billion from leisure travel. The thriving travel sector has helped Advantage achieve unprecedented transactional turnover nearing £116 million, compared to £88 million the previous year.
In a statement, the consortium proudly described the financial results as a milestone, indicating the highest profitability since the appointment of current CEO, Julia Lo Bue-Said. The success reflects the group’s ambitious business transformation strategies and reassures its members and business partners of a stable financial foundation. This financial strength allows for continued investment into new services and scalability.
Chairman Steven Esom commented on the year as one of significant recovery for the UK travel industry, highlighting the resilience and passion of British consumers in prioritising travel amidst economic challenges. He noted the resurgence of business travel, with booking volumes nearing pre-pandemic levels, at 92% of those observed in 2019. The consortium’s membership growth by 25% furthers its post-Covid growth agenda, positioning Advantage for expansive future endeavours.
CEO Julia Lo Bue-Said stated that the financial year was buoyant for the UK outbound travel industry, creating a positive backdrop for the consortium’s operations. She highlighted investments in talent and remote working capabilities as pivotal to the group’s strategic advantage. The Global Business Travel division has been further strengthened, reaffirming Advantage’s status as a leading business travel consortium in the UK.
However, Lo Bue-Said warned of continuing global conflicts, specifically mentioning Ukraine, Israel, and Palestine, which could keep consumer spending under strain. Yet, the overall outlook remains positive as travel continues to be a priority for many despite these adversities. Advantage Travel anticipates further growth, leveraging its strong financial performance as a catalyst for future strategic options.
Advantage Travel Partnership has successfully navigated post-Covid challenges, displaying a strategic and resilient approach to achieving significant financial growth.
