Barrhead Travel has seen its revenues top £300 million for the first time thanks to a “surge” in river cruise sales and an increase in customers visiting its stores.
The Scottish agency chain reported 7.4% year-on-year growth in revenue during 2017, revealing bookings for 2018 had also risen 8% year-on-year.
Although profits fell by £500,000 last year as Barrhead expanded with new branches in Belfast and Leicester.
Earnings before interest, tax, depreciation and amortisation (Ebitda) were down to £2.7 million but gross profits increased by 5.4% to £33.4 million over 2016.
Barrhead has opened new stores in Southampton and Port Glasgow during 2018 with another location in Fort Kinnaird set to open its doors in October.
Redevelopment and expansion of premises in Livingston and Glasgow Fort are also pending for later in the year.
US-based Travel Leaders Group has reached an agreement to acquire Barrhead for an undisclosed sum in February, the figures posted today cover the period prior to the takeover.
Sharon Munro, Barrhead Travel president, said 2017 had been “another successful year with record sales” for the company.
“2017 had an extremely strong start with fantastic results in the first quarter. Thereafter there was a slowdown which coincided with the snap General Election,” she said.
“Such events historically hit travel sales and last year was no different. However, despite the collapse of Monarch Airlines, terrorist attacks both at home and abroad, a strong hurricane season in the Caribbean and the protracted Brexit negotiations we are delighted that we have recorded another very successful year.
“I would like to thank all our employees, customers and travel partners for making
Barrhead Travel the continued success it is today.”
Munro added: “I believe that due to the group’s unique and varied product offering, the profile of the customer base, and the enhanced operational capability brought about by our takeover by Travel Leaders Group at the start of 2018, the outlook remains very positive. There is a real sense of energy and momentum in the business.”