Travel firm is flying as profits go up

NORTH East travel agent Hays Travel boosted its operating profit by nearly £3m last year after the company’s expansion strategy began to take off.

Hays Travel saw its operating profit grow from £6.4m to £9.3m for the year ending October 2017.

The growth was achieved after the Sunderland-based firm opened new branches, acquired firms, and struck a partnership deal with WHSmith.

Speaking in the company’s accounts managing director John Hays said: “During the year we opened six new retail branches and this expansion is scheduled to continue during 2017/18.

“As part of this strategy, we signed an exclusive deal to open concessions in WHSmith shops. We have opened four outlets after the financial year-end, and one more is expected to open across the country in the next few weeks.

“We acquired four companies during the financial year. One, Christine Nugent Business Travel, is a corporate travel business based in Gateshead, and I am excited with the opportunity this acquisition will bring for developing business travel sales throughout the group.

“Prospects for the forthcoming year are encouraging, with strong like-for-like trading in the first quarter.”

The acquisition of Christine Nugent Business Travel was made by Hays in an effort to boost the company’s corporate travel division. Hays’ expansion also boosted its turnover by £4.3m to £337.8m.