The Co-operative Travel made an operating profit of £400,000 for the half-year to July, following a 6.6 percent drop in sales to £126m.
Managing director Mike Greenacre, said: “This is the worst year for trading in my memory, so to emerge with a profitable performance is pleasing although clearly there is a lot of work to be done.
“Margins remain under severe pressure in what is a fiercely competitive market, and it is a testament to the dedication and commitment of everyone at The Co-operative Travel that we have remained profitable in this incredibly difficult year.
“With over 13 significant failures this year, including many of a high profile nature, this has had the effect of knocking consumer confidence, already at a low level, through the uncertainty of potential job losses.
"Clarity on the issue of consumer financial protection coupled with a growing confidence in the stability of the general economy would help enormously to increase current booking levels.”
By Linsey McNeill
