Writing in the operator’s sixth integrated annual report, issued on Wednesday (22 March), chair Darrell Wade and chief executive James Thornton revealed how the biggest decision in Intrepid’s history was made around Thornton’s kitchen table in Melbourne as Covid lockdown loomed.
It was a decision, they said, that changed the course of the Melbourne-headquartered business "in ways we could not have imagined at the time". "As we write this letter in the first quarter of 2023, Intrepid has emerged [from the pandemic] in a very different shape," said Wade and Thornton. "We’re growing again, with a reinvigorated purpose, a bold new strategy and ambitious future goals."
The 76-page report details Intrepid’s financial performance in 2022, including a return to positive operating cash inflow of Aus $34.2 million (£18.6m) versus Aus $31 million outflow a year earlier, and a reduction in its operational loss from Aus $60.7 million in 2021 to Aus $25.9 million.
Intrepid has now resumed operations in 86 countries and had begun rebuilding its global workforce after recruiting for more than 500 new roles. It also expects to return to profitability this year.
"Global travel has bounced back rapidly, and demand for our style of sustainable, experience-rich travel is stronger than ever," said Wade and Thornton. "We see that in our record sales results and positive cashflow."
However, the pair cautioned against celebrating too soon, warning the pandemic would leave "generational scars" while also remarking on how some countries and regions would take significantly longer to recover.
"Inequality is growing and huge global challenges remain," they warned, while also restating Intrepid’s commitment to the UN’s sustainable development goals and ensuring its own Intrepid Foundation continued its work in communities most severely impacted by the pandemic.
"Our world is also a very different place than it was about 1,000 days ago," they continued, making reference to open warfare in Europe between Russia and Ukraine, which is among several factors contributing to an "extremely uncertain socio-economic outlook".
Others include soaring inflation and interest rates, as well as the "bleak" environmental outlook for the world. "A 1.5C future seems to be slipping away, posing an existential threat to the future of the travel industry," they added.
"We believe greater action at all levels of society is required, particularly governments and businesses. For Intrepid, we’re looking to innovation to help transition our business to clean energies, reduce waste and protect nature but we need to act more quickly."
