Hays Travel has witnessed a remarkable surge in its annual profits, reaching £73.4 million. This impressive growth marks a 43% increase over the previous year.
The increase in profitability is a testament to the company’s strategic acquisitions and the rising consumer confidence in travel services.
Hays Travel has reported a significant boost in annual pre-tax profits, reaching £73.4 million for the fiscal year ending April 30. This marks a 43% increase in profits, fuelled by a 17% rise in total transaction values, which now stands at £2.55 billion. The growth is attributed to strategic acquisitions and heightened consumer confidence in travel, following a challenging period impacted by the pandemic.
Since its acquisition of the Thomas Cook retail estate, Hays Travel has significantly expanded its footprint. In 2021, the company acquired Explorer Franchise, adding to its portfolio. Further expansion continued with the purchase of 45 Just Go branches in the northwest and 16 Travel House shops in South Wales during 2023, as well as three Holiday With Us locations in Lincolnshire. Additionally, Hays acquired 19 Miles Morgan Travel shops in the southwest and Wales this year. Such strategic moves have bolstered its presence in key geographic areas.
The takeover of Thomas Cook’s retail estate was a pivotal moment for Hays Travel. The acquisition came just before the pandemic, which initially turned a £4.9 million profit into a staggering loss of £34.2 million by April 2021. However, Hays Travel’s resilience shone through as it returned to profitability over the subsequent years.
Dame Irene Hays, owner and chair of Hays Travel, noted the importance of customer interactions in an increasingly digital world. She highlighted a nine per cent growth in customer numbers, reaching 1.9 million, as evidence of renewed consumer confidence. She underscored the need for human touch in complex travel situations, such as airline disruptions and geopolitical issues.
Hays Travel has remained steadfast in its commitment to its vision and values. Dame Irene Hays praised the dedication of her team, crediting their efforts and resilience during the pandemic as instrumental to the company’s ongoing success. The strategic focus on people, customers, and communities has been a cornerstone of their journey.
Looking ahead, Hays Travel maintains a positive outlook on further expansion. Hays expressed interest in acquiring more high street locations, provided they align geographically and strategically. The rising demand for experienced travel agents continues to support their growth ambitions.
Hays Travel’s remarkable turnaround and sustained profitability underscore its effective strategies and adaptability. As the company looks towards future growth, it remains committed to its core values and vision, ensuring it continues to meet the evolving needs of its customers.
Hays Travel’s strategic decisions have proven effective, positioning the company for continued success.
With a focus on customer needs and efficient expansion, the company is set to thrive in the evolving travel landscape.
