Co-op Travel reports financial turnaround in 2008

www.co-operativetravel.co.uk

Releasing its financial results for its financial year 2008, The Co-operative Travel has posted a profit of £5.3 million, as compared with a loss of £2.1 million loss for the previous year.

For the 52-week period ended 10 January, the travel company saw an increase in turnover of 20.7 per cent – up to £262 million from the £217 million of the year before.

Since the introduction of its new website last December, the company said that it has seen a significant rise in online sales. In the final weeks of its year ended in January, the increase was 250 per cent over the same period last year.

Also having a major impact on the numbers, according to the company, were the re-branding and refurbishment and the closure of several underperforming branches.

Mike Greenacre, the travel firm’s managing director, said he was very pleased with the results, but warned: “However, I would sound a note of caution, as travel sales since the turn of the year have suffered as much as many industries as a result of the global credit crunch. In addition, the strength of the Euro versus the Pound has had a negative impact on holidays within the Eurozone, whilst job insecurity has meant that many holidaymakers are waiting far longer than before to book.”

He went on to say: “I am, however, confident that sales will pick up as the summer holiday period approaches, and that The Co-operative Travel will enjoy another very profitable year.”

Thanks to www.travelmole.com for the above quotes, for more information on this article please visit their website.

www.co-operativetravel.co.uk