Press Releases

Travelzest, the online travel group offering specialist travel programmes, is delighted to announce its preliminary results for the year to 31 October 2007.

Financial highlights

• Total transaction value increased 285% to £169.9 million (2006: £44.1 million)
• Turnover increased 101% to £38.5 million (2006: £19.2 million)
• Gross profit margin of £20.6 million increased to 53.5% of turnover (2006: £7.3 million, 37.8%)
• EBITDA (before share based payments of £0.5 million, 2006: £0.2 million) of £4.3 million - 11.1% of turnover (2006: £0.8 million - 4.5% of turnover)
• Underlying profit before tax, goodwill amortisation and share based payments increased 256% to £3.2 million (2006: £0.9 million)
• Normalised* fully diluted earnings per share increased by 88% to 8.1 pence (2006: 4.3 pence)

Operational highlights

• Excellent performance from Canadian online retailer, itravel2000.com
• Strong growth achieved in UK specialist tour operators
• Acquisition of four UK specialist tour operators
• Development of holiday.co.uk and flight.co.uk on track

* Normalised fully diluted earnings per share is before goodwill amortisation (£1.9 million), post tax share based payments charge (£0.3 million) and includes the income effect of conversion of options and warrants (£0.4 million).

Commenting on the results, Chris Mottershead, Chief Executive said

"I am delighted to be able to report another year of record operating profit. This result has exceeded Management’s expectations at the start
of the year. We have demonstrated the consistent delivery of the Group’s objectives and I believe we are well placed to capitalise on the
continued growth of online leisure travel and specialist niche tour operations. We will continue with our strategy in 2008 and look forward to the coming year with confidence."

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