Advantage Travel Centres has promoted managing director Julia Lo Bue-Said to the role of chief executive officer after announcing the group’s turnover increased last year from £18.7 million to £20.9 million.
It made a net pre-tax profit of £321,326 for the financial year to the end of September 2017. However, this was less than half what it made the previous year, when its profit reached £675,835, up 21% on the previous 12 months.
The group benefited from a £174,123 contribution from WIN, which it bought last year, but it said its overall performance was negatively impacted by ‘a poor underwriting insurance claims result’, which was largely responsible for the £275,787 drop in the operating profit. The group also blamed the mix of investments.
In a statement, Lo Bue-Said insisted that the group’s success wasn’t measured ‘purely on profits’, but instead in its ability to reinvest in the organisation, its products and its services for the benefits of its members.
She added: "We are delighted at the performance of the group; creating a wealthy business on behalf of our member shareholders. We will continue driving forward in an ambitious manner as well as continuing to invest further in the group, an example of which was the acquisition made for the majority of shares last year in WIN.
"Given the financial strength of the organisation we see this as an opportunity to continually look at how we deliver a world-class proposition. Given the group’s performance, the Board are yet again recommending a dividend payment to our member shareholders."
Advantage finance director Nick Moser added: "Our core businesses performed in line with our expectations. Our net asset position remains strong and we are well placed to continue our strategy of investing in new products and services and technology solutions for our members in the coming year."
Lo Bue-Said’s promotion to CEO follows five years as managing director of the group. Non-executive chairman Steve Esom said: "Julia’s dedication and contribution to the growth of Advantage over the last four years has been significant and I’m thrilled to confirm Julia’s appointment as CEO."
