Hays Travel has marked the fifth anniversary since acquiring Thomas Cook’s retail estate with impressive financial growth.
- The independent travel company reported a remarkable 43% increase in pre-tax profits, reaching over £73 million.
- Turnover also saw a significant rise, increasing by 8% to £457 million, as total transaction values soared to £2.5 billion.
- Strategic investments and acquisitions, including 67 new retail branches, were integral to their growth success.
- The commitment to customer service and employee development has attracted a substantial number of new clients.
Hays Travel, an independent travel group, has enjoyed a substantial financial upturn as it commemorates five years since acquiring the retail assets of competitor Thomas Cook. The company has reported an impressive 43% rise in pre-tax profits, culminating in a total exceeding £73 million. This financial boost aligns with an 8% increase in turnover, recorded at £457 million, with total transaction values climbing by 17% to £2.5 billion.
These results exceed initial expectations, with growth driven by an upturn in consumer confidence within the travel sector. Commenting on the growth, the company’s leadership cited the growing travel aspirations of consumers, despite challenges from global events and suppliers, as a key factor in reducing prior cancellations, with a noted increase in travel frequency and destinations.
The company has also invested £14.8 million into refurbishing retail spaces and innovation in technological infrastructure, whilst strategically expanding its footprint through three new acquisitions. These acquisitions include branches from the Holiday With Us group and Miles Morgan Travel, adding 67 retail locations to Hays Travel’s portfolio. Such expansion has led to a noticeable increase in staff numbers, from 3,197 to 3,535 employees.
A key focus on customer service has seen the company welcome 37% new clients, with consumer confidence bolstered by the expertise and assurances offered by booking through an experienced agent. Additionally, their homeworking division presented a notable performance with a rise in turnover by over 31%.
Dame Irene Hays, chair of Hays Travel, reflected on the aftermath of Thomas Cook’s collapse, expressing a heartfelt commitment to the people and operations involved. She underscored the resilience and dedication of the Hays workforce during the pandemic, helping the company uphold its customer-focused values through challenging times.
Hays Travel’s strategic investments and dedication to service excellence underscore its robust financial performance after acquiring Thomas Cook’s retail estate.
