Press Releases

Travelzest plc (AIM:TVZ), the UK and Canadian holiday retailer, is pleased to announce its preliminary results for the year to 31 October 2009.

Financial Highlights

• Operating profit increased to £1.3 million (2008 (loss): £2.3 million)
• Underlying operating profit (operating profit before separately disclosed items of £2.8 million (2008: £3.6 million) and amortisation of intangible assets & goodwill impairment of £1.4 million (2008: £3.8 million)) increased 6% to £5.5 million (2008: £5.1 million)
• Underlying operating profit margin increased from 11.6% to 14.3%
• Total transaction value increased 6% to £189.5 million (2008: £179.2 million (restated)).
• Profit after tax for the year of £719,000 (2008 (loss): £4.9 million)
• Basic and diluted profit per share increased to 1.52 pence (2008 (loss): 17.19 pence).  Underlying operating profit per share increased by 33% to 10.36 pence from 7.78 pence

* Underlying operating profit per share is adjusted for amortisation of intangible assets & goodwill impairment, separately disclosed items and excludes the profit & loss impact of options and warrants

Operational Highlights

• New Executive Directors appointed
• Reorganization of the operational structure of the Group substantially completed
• Successful capital restructuring raising £5.7 million of equity and renegotiation of the Group’s debt facility to allow greater flexibility
• Continued strong performance from the Group’s Canadian operations
• Independent recognition from industry observers for the quality of service provided by Travelzest Group companies, including:
       -   One of the World’s 126 Top Travel Specialists by the elite Conde Nast Traveler magazine
       -   Finalist at The British Travel Awards in two categories
       -   Top five short break companies at the 2009 Guardian Observer and guardian.co.uk travel award
       -   Voted favourite tour operator by Which? Members
       -   AITO Travel Company of the Year award

Jonathan Carroll, Travelzest’s Chief Executive Officer, commented:

“2009 was a restructuring and re-energising year which brought together the strengths and people in the Travelzest Group of companies to work as a team.  We have great belief in our brands and great confidence in our new management team and operational structure, which together provide the foundation for our future performance.

We would like to thank our shareholders, employees and supporters for their belief in our restructuring plan and strategies.  We are cautiously optimistic that 2010 will show improvement from 2009 reflecting our dedication to build shareholder value.”

- Ends -

Enquiries:

Notes to Editors:

The Travelzest group currently comprises:

Canadian Operations
itravel2000.com - itravel2000.com
The Cruise Professionals - www.cruiseprofessionals.com

UKOperations
Holiday.co.uk – www.holiday.co.uk
Flight.co.uk – www.flight.co.uk
Best of Morocco - www.bestofmorocco.co.uk
VFB Holidays - www.vfbholidays.com
Peng Travel - www.pengtravel.co.uk
Faraway Holidays - www.farawayholidays.co.uk
The Malaysia Experience -www.malaysiaexperience.co.uk
Tapestry Collection - www.thetapestrycollection.com
The Wow House Company - www.thewowhousecompany.co.uk
Captivating Cuba - www.captivatingcuba.com
JMB Travel - www.jmb-travel.co.uk
Fair’s Fare - www.fairsfare.com

View the full press release in PDF format [502 KB]