Currency movements hit profits at long-haul specialist Audley Travel Group last year.
The mainly direct-sell brand, which has appointed former Tui UK and Ireland boss Nick Longman its new leader, recorded a pre-tax profit of £18.1 million in the calendar year 2017.
This compared with an adjusted figure of £22 million profit in 2016. Revenue last year rose £20 million to £193.4 million.
The operator said: “The reduction in profit for the year was as a result of an increase in finance costs driven by the timing of gains and losses on forward foreign exchange contracts.”
Without this, Audley said adjusted Ebitda (earnings before interest, tax, depreciation and amortisation) was £25.7 million.
Audley, which is owned by private equity company 3i, operates to more than 80 countries and has offices in Witney, London and Boston.
In its latest annual report, the operator said it remained “focused on organic growth”, with additional space taken in its London office.
It highlighted investment made in back-office systems to support expansion and said the outlook “remains positive”.
Audley also said the “strong trading momentum” had continued into 2018 with group revenue up 26% in the first half of the year.
Longman has started as chief operating officer of the tailor-made specialist, but will assume the role of chief executive in January.
He left Tui in February after 20 years, saying he had a job at an undisclosed operator, and has been on gardening leave since then.
Current Audley boss Ian Simkins steps back to become a non-executive director. Simkins said he was handing over what he felt was “the best role in travel”.
He added: “I’m really proud of what the team and I have achieved since 2012, growing bookings five-fold, opening up new offices in Boston and London, increasing our quality scores while creating more and more unique travel experiences for our clients.
“It’s great to have Nick onboard to build further on this success.”
Longman said: “I look forward to working with the entire team and continuing to deliver excellent service to the clients whilst providing in-depth destination expertise and thereby building on Audley’s significant successes to date.”