Specialist travel group Travelzest has moved into the black in the year to October 2005, following a loss of more than £14,000 the previous 12 months.
The company reported a pre-tax profit of £58,787 for the period, which saw former TUI UK boss Chris Mottershead become chief executive and a share placing on the AIM which raised £5.15 million.
The former VFB Group, which changed its name to Travelzest last April, also acquired online agency Holiday Express in the period. It has since bought specialist operator Best of Morocco and recruited a number of high profile directors.
Chairman Mike Bruce-Mitford said various initiatives taken at holiday cottage operator VFB Holidays have resulted in a “significant turnaround” of the business in the last six months since Mottershead’s appointment.
“This improvement in the group’s fortunes returns it to levels of profitability in line with the group’s expectations,” added Bruce-Mitford. “This significant achievement is masked by the inevitable increase in costs incurred by the group through its recruitment of key personnel to manage future growth as well, of course, as the move to AIM.”
He said that the directors “confidently expect” to make further acquisitions during the year.
“They have identified a number of potential targets that fit the group’s strict acquisition criteria and which would significantly enhance group earnings,” said Bruce-Mitford.
“Current trading is in line with expectations and the directors very much look forward to the coming year.”
Report by Phil Davies
