Travelzest sees revenue slip

Travelzest unveiled Friday lower revenues in the online travel group's 2012 results.

The company posted revenues of £24.1m for the year ended October 31st, down from £25.4m the previous year.

Operating profit from continuing operations were £3.5m compared to £3.7m in 2011.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Travelzest said it expected a good year ahead after significantly reducing operating costs and streamlining its business.

Nigel Jenkins, Non-Executive Chairman, said: "We would like to thank the team for their hard work during this period of change for the group, and look forward to the continued focus on strengthening our strong Canadian operations.

"We believe with a more streamlined business we can look forward with optimism for the year ahead."

The company added it would continue to invest in marketing and expand luxury land based product offerings.

RD