Liam Lonergan’s Club Travel reported a record revenue of €194.53m for the financial year, marking a 39pc increase from €139.67m the previous year, driven by a resurgence in corporate travel and a boost in sun holiday bookings.
The company’s pre-tax profits rose by 18pc, from €5.9m to €6.98m, despite a decrease in profit margins attributed to the growing share of corporate travel in their overall operations.
Spain and Portugal remained the most favoured travel destinations for Club Travel, with Greece and Turkey also experiencing increased market share, while summer heat did not deter bookings.
Club Travel continued to enhance its trading operations, leading to an improved service level and financial performance, with post-tax profits of €4.72m and increased cash reserves of €69.65m.
The company bought Alan Neenan’s Neenan Travel in August; Having initially negotiated to buy the corporate business, a chance remark led to it acquiring the leisure business as well.
Colman Burke of Club travel shared: “2023 was an excellent year with an increase in profit in real terms despite a drop in margin, due to the increase in proportion of corporate travel in the overall mix. We saw an increase in our market share of sun holidays.” On the main driving factors behind profits and revenues. The main factor was the return of the corporate travel market and an additional increase in the sun holidays and cruise markets. The Rugby World Cup in France last autumn also helped profits. However, it would only account for a small percentage of our sales increase in 2023.”
