Travelzest increases focus on Canada

Upmarket market travel operator group Travelzest posted a mixed set of results after a solid performance at its Canadian operations while it slimmed down its UK arm amid tough conditions.

The group, which specialises in travel products and niche travel programmes to holidaymakers in Canada and the UK, said pre-tax profit increased to £1.9m for the six months ended 30 April 2012 compared to £884,000 a year earlier. Revenue for the period fell to £18.8m compared to £19.8m.

MoneyWeek

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

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

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

It has significantly reduced its UK activities with the sale of JMB Travel, Travelzest Holidays and Fair's Fare and the closure of Tapestry Collections.

However Travelzest sees potential for rapid growth at its Canadian itravel2000 and has increased the range and type of luxury holidays at The Cruise Professionals.

Looking ahead the group noted: "In particular itravel2000 has performed well in the first half of the financial year. These operations continue to excel but face pressure on margins due to price competition."

"We remain confident about the prospects for the Canadian operations and believe that is where we are going to drive future growth. With this in mind, we will continue to develop the brands we have in Canada."

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.