Speaking to TTG, Dame Irene said Hays’ latest full-year financial results for the 12 months to 30 April 2023, which saw the independent triple its profits to almost £52 million, were driven by people’s pandemic savings and unfulfilled wanderlust.

"There was pent-up demand and people had been unable to travel," she said. "It was clear as frontiers and borders began to open that people were ready to just come and book a holiday so there’s no question that that was a key driver."

Dame Irene also highlighted how 41% of customers were new to Hays Travel over its most recent financial year compared with just 19% in 2019, split across Hays Travel and the former Thomas Cook retail network.

"That migration to Hays Travel is a result of the excellent customer service provided by our staff during Covid," Dame Irene insisted. "We tried to be as helpful as possible during that time, and as soon as it was possible to travel again, people came back to Hays Travel.

"It’s the need for people to have confidence, value for money, expertise, and just knowing where to go when things go wrong. I think that’s true not just of Hays Travel, but most reputable high street travel agents – I’m sure they are feeling the same thing.”

‘We have to be realistic’

Dame Irene stressed Hays Travel "has been built on its people" and that its performance was testament to their achievements during its 2022/23 year.

However, she also warned: “It’s fair to say we do not expect to double our total transaction value and triple our profits in the current financial year. We have to be realistic. I don’t for a minute think that’s going to happen again in the current year.”

Nonetheless, Dame Irene said she remained “cautiously optimistic” that Hays’ results for 2023/24 would show continued growth, pointing too to the fact Hays "does not have a penny of debt and has no external investment".

“We have had some exceptional performances in January this year, beating all previous targets, which to be honest was unexpected,” she added.

She also reaffirmed her belief in people coming back to the high street, pointing to the “vibrancy” travels agents bring to the UK’s retail scene.

“Our people contribute to the communities where we operate," she said. "In addition to having a shop there, we try to make sure we contribute to whatever else is going on."

‘True profession’

Beyond ongoing economic unpredictably, Dame Irene reeled off a list of "man-made" and natural disruptions that could impact Hays’ performance over the next year.

These included political unrest and instability around the world and natural disasters such as flooding, volcanoes, wildfires, and the wider-reaching effects of global warming, including extreme temperatures in destinations.

However, she said she backed her staff and the wider professional travel agent community to weather any potential storms or headwinds.

"Clearly, all of these things give customers the opportunity to rethink whether or not they’ll need a foreign holiday," said Dame Irene. "But there are lots of parts of the world where the climate is delightful, and it’s safe, and where we can send customers.

“The companies that do well are the ones that cope with volatility, uncertainty, complexity and ambiguity and are there for their customers. That’s not easy, which is why being a travel agent is a true profession. It’s not just selling the white sandy beaches and it’s not just making sure the flight and the transfers are on time."