The group posted a £28.2 million pre-tax loss for 2021, compared to a deficit of £15.2 million in 2020.

Intrepid chair Darrell Wade said the company had been put “into hibernation” in March 2020 for 10 months but had received a cash injection from French investors Genairgy in April 2021, which holds a minority share.

Chief executive James Thornton added restarting travel had proved to be “very challenging” but said: “By the end of the year, we had operated in 40 countries and had run 864 trips.”

Structural changes were also undertaken, he said. “In 2021, we united all our brands under ‘Intrepid’. This will ensure we are well placed to grow as a vertically integrated operator under one recognised global brand as travel returns at scale.”

The year also saw the launch of the Intrepid Premium higher end brand and the rebranding of Peak DMC as Intrepid DMC. Another 22 new purpose-led experiences in 14 countries were added, supporting initiatives including wildlife and environmental conservation, minority cultural heritage preservation, gender equality and female employment. 

Additions include an e-rickshaw company in Jaipur, which generates employment for more than 200 women from low-income households and a foundation dedicated to cleaning waste in Vietnam’s Halong Bay.

Intrepid also partnered with sports retailer Decathlon to operate a range of active trips in Europe under the Decathlon Travel brand for French-speaking customers.

Intrepid has a goal to become the world’s first AUS $1 billion adventure travel company by 2025. Thornton added he was “cautiously optimistic” for the future and said Intrepid was “well placed”.