Press Releases

Travelzest plc (AIM:TVZ), the online travel group offering specialist travel programmes, is pleased to announce its preliminary results for the year to 31 October 2008.

Financial highlights

• Total transaction value increased 7% to £181.9 million (2007: £169.9 million)
• Revenue increased 15% to £44.3 million (2007: £38.5 million)
• Operating profit of £5.1 million (2007: £3.8 million) before amortisation and separately disclosed items
• Separately disclosed items of £3.6 million (2007: £0.5 million)
• Operating profit margin (before amortisation and separately disclosed items) increased from 9.8% to 11.6%
• Profit before tax, amortisation and separately disclosed items increased 19% to £3.8 million (2007: £3.2 million)
• Normalised* fully diluted earnings per share increased by 22% to 7.8 pence (2007: 6.4 pence (restated))

* Normalised earnings per share is adjusted for amortisation, separately disclosed items and excludes the exercise of options and warrants

Operational highlights

• Acquisition of a second Canadian business, The Cruise Professionals Limited in June 2008
• Continued strong performance from Canadian online travel retailer, itravel2000.com
• Encouraging performance from UK specialist tour operators
• Closure of in-house operations of Holiday Express

Commenting on the results, Chris Mottershead, Chief Executive said:

“I am delighted to be able to report another year of underlying operating profit growth. We have demonstrated the delivery of an improved underlying result in a difficult economic environment. We have also taken the right decisions for the business with the closure of the in-house operations of Holiday Express. We will continue to review our strategy in 2009 to ensure that it continues to be appropriate given the global financial turmoil through which all businesses must navigate over the coming year.”

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