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Acquisitions boost Travelzest transaction value
Expanding specialist holiday group Travelzest saw total transaction value rise to more than £9 million in the half year to April – up 550% from £1.4 million a year earlier.
The group headed by former TUI UK managing director Christ Mottershead saw its winter half year pre-tax loss reduce by 8.1% to £1.2 million before goodwill amortisation.
Group turnover for the period increased by 166% to 3.70 million against £1.39 million.
The group has identified a number of acquisition targets which would significantly enhance group earnings, according to chairman Mike Bruce-Mitford.
Travelzest acquired tour operator Best of Morocco for £1.8 million during the period and has subsequently bought naturist operator Peng Travel for £1.03 million and airfare analysts Fair’s Fare for £3.95 million.
The group also raised £2.63 million with a share placing.
Chief executive Mottershead said: “Since admission to AIM in October last year we have made strong progress in delivering our stragey to build a portfolio of high-quality, specialists travel businesses and online travel agents.
“A number of acquisitions have been completed, and integration of these businesses into the group is progressing well.
“We are regularly contacted by companies interested in being part of the group and are continually assessing new opportunities against our strict acquisition criteria.
“We confidently expect to make further earnings-enhancing acquisitions over the next 12 months.”
The group reported a “significant improvement” in VFB Holidays’ performance since its admission to the AIM. The period also involved six months trading for Holiday Express, acquired in October 2005 and five months for Best of Morocco, bought last November.
Bruce-Mitford said: “The improved result is in line with our strategy to create a group with a balances profile of winter and summer profits.”
He added: “Current trading is in line with expectations and the directors look forward to the remainder of the year with confidence.”
Travelzest revealed that former Laskarina Holidays general manager Corri Boyle has joined as managing director of Peng Travel. She previously spent 14 years at Panorma Holidays.
Jonathan White has been promoted to managing director of VFB Holidays having headed its product and marketing team since 1999.
Report by Phil Davies
Phil Davies
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