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Lowcosttravel investment reaping rewards
European based travel firm lowcosttravelgroup has posted strong results for financial year 2013/14, fuelled by continued investment and market gains for its two brands.
Generating a total transaction value of €643 million during the year, the company’s two brands, Majorca based lowcostholidays and Swiss-based trade bed bank lowcostbeds, reported pre-tax earnings of €2.9m.
With ongoing steady growth predicted for the group, accommodation sales are forecast to surpass €800m for the 2014/15 financial year, said COO Alex Gisbert.
"Our investment in a strong senior management team, increased connectivity, an enhanced brand, our new app and further technology and hotel supply investments are really delivering returns for the group," Gisbert said.
"In addition, the offices we have developed in Switzerland, Palma, Atlanta and Bangkok are now established, supporting our focus on new global distribution opportunities."
Trade bed bank lowcostbeds remains a key area for growth with robust demand from more than 44,000 travel agents and operators.
He said directly contracted hotel inventory is also expected to grow to 25,000 hotels including major hospitality chains by the end of 2015.
As steady growth continues, lowcostgroup’s significant investment in more efficient back office functions will start to bear fruit, the company said.
"The lowcosttravelgroup is now firmly established as a global business, one of the top six global bed banks as well as a leading European OTA. After five years of growth and investments, I believe we have a strong team and two well established brands," founder and CEO Paul Evans said.
The lowcosttravelgroup was established a decade ago and now employs 500 staff in 50 countries, handling three million customers annually.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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