Hays made pre-tax profits of £51.6 million in the 12 months to 30 April 2023, compared with £14.4 million in 2021/22. Group turnover rose 93% to £423.5 million, compared with the previous year’s £219.4 million, while total transaction value doubled to £2.19 billion.
Group profit after tax was £40.2 million, compared with £12.9 million in 2021/22, a result which Hays said “exceeded expectations”. Figures were helped by foreign exchange sales of £21.5 million.
Dame Irene Hays, owner and chair of Hays Travel, said: “Our 2022-23 results show good growth in all areas of the business.
“A significant factor in this was the speed with which consumer confidence returned post-pandemic. Across the communities we serve around the UK there is a huge appetite for travel and experiences – people want to invest in precious time exploring the world.
“Early in 2022-23 restrictions were still evident in some destinations, however we were well prepared to take advantage of the ‘bounceback’ as the year progressed, which is evident in our financial results.”
The 12-month period saw 41% of customers new to the brand, including the former Thomas Cook shops.
“A significant element of the recovery has been the ability of the acquired ex-Thomas Cook shops operating at a near business as usual level for the first time since they were acquired in October 2019,” Hays said.
It added: “Moving forward, the Group will continue with its clear business plan for growth in its retail, Independence Group, foreign exchange, franchise and homeworking divisions, and continuance of its rapid growth in the cruise and touring sectors.”
Hays said it had no bank debt and had cancelled a £10 million Covid loan facility “as not required”.
The figures also reveal Hays’ highest paid director took a pay cut from £263,000 to £230,000, while the average number of employees fell from 4,121 to 3,197.
