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‘Pipeline of potential acquisitions remains strong’ – W&O
Expanding luxury tour operating group Western & Oriental is continuing to look at further growth on the back of five purchases since going public in March.
Providing a year-end update to shareholders, the group, which listed on AIM six months ago, said turnover had increased from £8.2 million to £30 million following the five acquisitions.
A company statement said: “The central cost base has materially increased due to the requirements of being a public company. During the 2006 financial year, organic sales growth in the tour operating business, before taking account of the acquisitions, has been strong despite the effects of the World Cup and the very hot summer and is in line with management expectations.”
The group, led by chairman David Howell, added: “The pipeline of potential acquisitions remains strong with further geographical and product expansion opportunities.
“The management team continues to view the future with optimism and believes that we can create a significant group delivering industry-leading margins in our niche sector.”
W&O’s acquisitions were Ranch America, Lynton Cooper, Travel Management Team, Harlequin Travel and South American Experience.
Report by Phil Davies
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