Chief executive Adam Pardini told staff and suppliers at the group’s annual conference in Rhodes that despite the company being profitable, its current sales performance was “not where we want it to be”, adding: “It’s not retirement money”.
Assessing trading during the last year, Pardini said Broadway had experienced its best net profit ever in January before an “awful” April and its “worst August” on record.
Despite its difficulties, Pardini described how Broadway had focused on investing across the business including in its technology and the relocation of its Luton headquarters and office in Frimley, Surrey.
He also praised the work of the company’s Crisis Team which he said had done “a fantastic job” in helping around 3,500 Broadway clients affected by the collapse of Monarch earlier this month.
Pardini also heralded the growth of the Broadway board in the last year – from three to eight members – which he said has enabled him to focus on key areas of the business.
Meanwhile Jill Mitchell, Broadway’s chief operating officer, revealed the company’s cruise arm - Broadway Cruise – had seen a 100% rise in business over the last 12 months while Broadway consortium member bed bank Bedswithease had secured 24% growth.
Mitchell said the group was “financially solid”, adding: “We have a very strong balance sheet and are profitable.”
She told delegates that the last year had been “a year of consolidation for us” and the group would actively target growth next year.
“The target for next year is to increase gross profit by 30%,” she explained.
Mitchell also revealed the group would be welcoming a new consortium member to its ranks in the coming months and would be looking to add another “before the end of the year”.