The group’s 17% revenue growth helped boost ebit (earnings before interest and taxes) to almost $15 million following a 25% increase in underlying profitability.
Speaking exclusively to TTG on Monday (January 14), managing director James Thornton described the operator’s growth as a “huge achievement”.
“It’s our third record year in a row after we returned to private ownership in 2015,” said Thornton. “More and more people want purpose-driven travel.
“We became travel’s largest B Corp-certified company last year, recognising our efforts to look beyond the bottom line. It’s proved we can be successful as a purpose-led company.”
Thornton though said the year hadn’t been without its challenges. “Group-wide growth was 17%; in the UK and Europe, it was 10%,” he said. “Don’t get me wrong, we were happy with that, but it’s down from more than 20% growth in 2017 - it’s been a much more challenging year.
“Whether it’s the political climate or the fact our style of travel is still in its infancy, we’re not sure. But we still feel confident about the UK. Purpose-led travel is becoming more popular as it becomes easier. We think 2019 will be another step towards that.”
Diversification has been a key focus for Intrepid over the past 12 months across its brands, product and destinations, said Thornton.
“We’ve looked hard at product,” he said. “For example, we launched our adventure cruising programme a couple of years ago. We’ll grow that to 70 charters this year.
“We have a new polar ship coming in 2020 too - I think there will be more and more demand for polar regions. People want to see the Northern Lights and Antarctic wildlife.”
Thornton said Intrepid was pleased with the continued growth of the group’s day tour division Urban Adventures (UA), which now operates more than 1,200 itineraries in around 100 countries.
Launched in 2009, UA achieved 106,000 passengers in 2016, rising to 172,000 in 2017 (+62.4%) and 266,000 in 2018 (+54.7%), albeit short of its 295,000 passenger target for 2018.
“It’s growing extremely quickly,” said Thornton. “It’s a fantastic introduction to the Intrepid style.”
In the UK, 55% of Intrepid sales come through the trade, with Thornton adding it remained the group’s “firm belief” supporting the trade was the right course for Intrepid.
“We feel working with agents will always be a mutually beneficial relationship that delivers strong growth for both parties,” he said.
