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United Co-op grows turnover despite tough market
The United Co-op Travel Group has claimed that diversity of product helped it “stay ahead of the game” in a market place that saw an 8% decline during summer 2006.
Revealing the group’s interim results today, general manager Mike Greenacre said: “It has been a tough period for the entire travel industry, however, I am pleased that we have, yet again, managed to stay ahead of the market through our diverse trading channels and a further focus on the relationship with our key suppliers and partners.”
During the first 26 weeks of the year ended July 29, UCTG recorded an increase in turnover of 1.1% to £294.3 million.
It said this was despite a subdued market, which has battled against the post Tsunami recovery , the impact of the World Cup and the June/July UK heatwave.
During the period, a membership growth of 47% year on year gave The Freedom Travel Agents Consortium – UCTG’s subsidiary of independent travel agents – 100 trading members at the end of the first half of the year.
The group’s New Media division achieved an 85% growth in sales generated by www.cooptravelshop.co.uk
“A strong focus on foreign exchange delivered excellent margin growth,” said the statement.
“UCTG’s cruise division, Barrow Travel, had a good start to the year with its Spectrum cruise operation continuing to drive sales forward for tailor made cruises.”
Parent company, United Co-operatives, saw turnover increase by 8.6% to £1.11 billion and profits up 34.3% at £27.9 million.
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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