Advantage cuts pre-tax loss  

By Lisa James
Home » Advantage cuts pre-tax loss  

Advantage Travel Centres Ltd has announced a pre-tax loss of £327k for the financial year 2020/21, with group net assets of just under £5.1m.

The latest set of financial results is an improvement on the UK’s largest travel agent consortium’s figures the year before, when it posted a pre-tax loss of £1.6m.

Advantage said ‘tough decisions, careful financial management and adapting quickly to the evolving environment substantially’ helped to reduce its deficit.

It said the financial results have been driven in part by a board decision at the start of the 2020/21 financial year to ‘prioritise the key interests and concerns of its members, ensuring it could provide the best possible practical help and advice and build further confidence in the organisation’s value for members’.

Seventeen new members joined the consortium during the year, with a combined added turnover of £55 million. Advantage maintained 35 of the top 50 travel management companies within the membership.

Chairman Steven Esom said: “When our last financial year concluded we were experiencing the first signs of the easing of COVID international travel restrictions.

“The outlook was far from certain, and we knew it would take time and a good degree of skill to navigate ourselves into calmer waters.

“We also knew that we had to make some very tough decisions to ensure that Advantage remained financially sound and was able to invest in the business as we came out of the pandemic.

“During the year the membership has shown remarkable resilience to stand up and face the challenges caused by the pandemic. Whilst we have sadly experienced some member failures, we have also been able to recruit new members into the organisation.”

He added: “The COVID pandemic has certainly challenged us all in so many ways. It has in some respects widened the lens in which we see the sector as well as keeping us laser-focused on how we manage the business, our member shareholders and all our stakeholders.

“The unerring support of our members has meant so much to the Advantage team and to the board and we are enormously grateful for their continued support and confidence.”

Advantage Travel Partnership CEO Julia Lo Bue-Said added: “Our profile across business, government and the media has increased exponentially, and it has given us a seat at the table and a voice to help drive change for the future of our industry and our members.

“As we move forward through 2022, we have reflected the post pandemic business environment in our refreshed strategy which will continue to build a stronger and united Advantage group, focused on the key interests and concerns of our members.

“We have adopted new ways of working which will bring greater flexibility and ensure that we can recruit and retain the best skills and talent. We will continue to speak out for our members as well look to further strengthen our collective voice and stature as one of the leading groups of independent travel businesses globally for both business and leisure.”

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