Trailfinders’ founder and chairman Mike Gooley warned that coronavirus will have a ‘profound effect’ on the business in the current financial year as he announced a pre-tax profit for 2019 of £45.7 million.
He said the company had already had 150,000 bookings cancelled due to the pandemic.
"However, our traditional culture of trust accounting, together with prudent stock piling of immense free cash reserves, shield us to the extent we can trade as usual for at least two years without commission income, or needing to borrow against our substantial freehold portfolio," he said.
Gooley suggested there would be widespread failure among ‘weaker’ agencies, which will benefit Trailfinders. He claimed the company will return to ‘substantial’ profit in 2021.
He pointed out that the company has expanded organically, with no new investment or any borrowings, over the last 35 years.
By Linsey McNeill, Editor (UK)
