River cruise surge boosts Barrhead’s turnover
Barrhead Travel saw a 7.4% increase in annual revenues to more than £300 million in 2017 due in part to a surge in river cruise bookings and new store openings in England and Northern Ireland.
Gross profit was up 5.4% to £33.4 million, while pre-tax earnings fell £500,000 to £2.7 million due to investment in its website, staff and new stores in Belfast and Leicester.
Since the end of the last financial year, Barrhead has opened new stores in Southampton and Port Glasgow and another is due to open in Fort Kinnaird in October.
Bookings for 2018 are up 8% year on year.
President Sharon Munro said: "I am delighted to report that 2017 was another successful year with record sales and continued healthy operating profits. I believe that due to the group’s unique and varied product offering, the profile of the customer base, and the enhanced operational capability brought about by our takeover by Travel Leaders Group at the start of 2018, the outlook remains very positive. There is a real sense of energy and momentum in the business."
Barrhead said that since the acquisition by Travel Leaders, ‘substantial’ opportunities have been identified to create synergies in the areas of technology, marketing, training, supplier relationships, cruise sales, hotel sales and more.
There are short term, mid-term and long-term plans in place to collaborate and take advantage of all the opportunities to innovate and grow the Group and its position in the marketplace, it said.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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