The group saw a pre-tax profit of £14.35 million in the year ended 30 April 2022, despite the effects of the pandemic. The 12-month period saw bookings increase by 221% year on year, with transaction value reaching £1.07 billion.
The profit compares to a loss before tax for the 18 months to 30 April 2021 of £34.2 million and a profit in the 12 months ended 31 October 2019 of £4.9 million.
During the latest period, Hays’ customer base increased, with 52% being new to both Hays Travel and the former Thomas Cook stores compared to 19% in 2019.
Owner and chair Dame Irene Hays said: “These results vindicate our decision to acquire the Thomas Cook retail estate and we have fulfilled the commitment we made then to return the remaining shops to profit.
“The key to our success is our customer service ethos. Each time a new challenge appeared – whether it was the traffic light system, restrictions or cancelled flights – our agents were there for their customers.”
The result came despite a turbulent 12 months with ongoing coronavirus restrictions, the national recruitment crisis and Russia’s invasion of Ukraine impacting the industry.
Hays said the company continued to have no debt and did not use overdrafts. She added the balance sheet continued to strengthen “with significant improvement in sales of cruise and touring holidays”.
“The demand for holidays continues. As the UK’s largest independent agent, our vast range of products means we can find holidays for people who are on a budget or those who want luxury, longer cruises or touring holidays, and we are seeing lots more people choosing to spread the cost by direct debit.
“In the current year we will continue to grow organically and via acquisitions as well as developing our Independence Group, Foreign Exchange and Homeworking Divisions, continuing our focus on great-value holidays and excellent customer care.”
Hays said the company had retained all former Thomas Cook employees who wanted to join Hays Travel and increased overall staff numbers in the three years since the acquisition.
It now has 542 apprenticeships across the UK in travel agent or head office roles.
Hays commended the commitment and skills of the company’s staff: “Our people have yet again been phenomenal,” she said. “The success of the company in 21/22 is down to their fantastic commitment to continued customer service throughout the pandemic and ever since.
“I am delighted that we can now continue to reward our retail teams for their loyalty and hard work with a significantly increased bonus scheme.
“I’m also pleased to be able to reinstate our contributions to local communities through our branches across the country and the Hays Travel Foundation.”
