TRAVEL COUNSELLORS (the "Company") Record annual results with Total Transaction Value and Revenue each up more than 300% year-on-year

Very strong momentum has continued into the current year with trading in H1 up 64% on pre-pandemic levels as the business accelerates towards delivering £1bn+ of platform sales in FY23

MANCHESTER, England, May 16, 2023 /PRNewswire/ -- Travel Counsellors, the UK's largest and fast-growing technology platform for travel entrepreneurs, is pleased to announce its Annual Results for the 12 months ended 31 October 2022 ("FY22") as well as a trading update for the first six months of the new financial year (November 1^st 2022 to 30^th April 2023).

FY22 HIGHLIGHTS: 

• Record financial performance as both Travel Counsellors' leisure and corporate businesses performed significantly ahead of pre-pandemic levels across all markets in which we operate
• Total Transaction Value ("TTV") during FY22 was £719.4m¹, 312% higher than the prior year (FY21 - £174.6m) and significantly ahead of pre-pandemic levels (FY19 - £631m)
• Revenue² increased significantly by 411% year-on-year to £347.8m (FY21 - £68.1m; 2019 - £309.8m)
• EBITDA³ increased significantly to £20.1m (FY21 – loss of £6.8m reflecting impact of the pandemic) We welcomed 149 new travel counsellors into our community, thereby enabling them to leverage our proprietary digital platform and infrastructure to launch their new travel businesses. This took us to more than 1,800 franchisees at the year-end
• Continued investments in building a scalable platform to support our ambitious long-term growth plans and better enable our travel counsellors to build lasting relationships with customers and increasingly work in teams to help support and scale their businesses
• 5-star rating on Trust Pilot maintained

OUTSTANDING TRADING MOMENTUM AND STRATEGIC PROGRESS CONTINUES IN FY23: 

• Continued strong momentum into the current financial year with trading 64% higher in H1 (November '22 to April '23) than the comparable pre-pandemic period, with top-selling destinations including the USA, Spain, Greece, UAE, and the Maldives
• Consistent record-breaking months in each of the first six months of the new financial year with TTV in the year to date of £486m, up 64% on 2019 pre-pandemic levels
• Strategic acquisition of Holidaysplease Limited completed in March, marking the Company's first acquisition in its near-30-year history and strengthening Travel Counsellors' position as the UK's largest technology platform for travel entrepreneurs, empowering and connecting nearly 2,000 independent business owners

Steve Byrne, CEO of Travel Counsellors, commented:  

"FY22 was a record year for Travel Counsellors as we delivered significant growth across the business against both the prior year and pre-pandemic levels. This outstanding momentum has continued into the first six months of the current financial year, as we have delivered consistently record-breaking months. Our strong results once again demonstrate the strength of our differentiated, disruptive business model as well as growing customer demand for our trusted and personal travel advice.  

"We went into the pandemic with outstanding levels of customer engagement and satisfaction. Whilst the pandemic significantly disrupted our customers' ability to travel, we were resolutely committed to maintaining close relationships with them and protecting our brand's hard-earned reputation. I am delighted we have maintained our five-star Trustpilot rating despite the significant levels of disruption and uncertainty facing our customers during this period.

"This is testament to the relentless hard work, commitment and care shown by our Travel Counsellor business owners, who are dedicated to putting their customers first and ensuring they are there for them for every step of their journey. Equally our employed colleagues who work so hard to support our franchisee community and ensure they continue to build thriving businesses using our personal, digital platform of support which combines the very best of people and technology. I'd also like to thank all our customers across both our leisure and corporate businesses who continue to place value in the trusted and caring service provided by their Travel Counsellor.    

"I am extremely confident that we are exceptionally well placed to further build on our significant growth over the coming years. We are focused on continuing to disrupt the travel market through superb, personalised service and our scalable, relevant and differentiated business model. We are accelerating rapidly towards being a £1bn+ transaction platform in the near future and look forward to serving more customers and helping more travel entrepreneurs to grow their businesses in the years ahead." 

Enquiries

Alex Brennan / Sue Hutchinson / Rebekah Chapman at Hudson Sandler
+44 (0) 207 796 4133
travelcounsellors@hudsonsandler.com

About Travel Counsellors

Vitruvian Partners-backed Travel Counsellors is the UK's largest and fast-growing technology platform for travel entrepreneurs that connects over 1,900 independent business owners, ultimately enabling them to deliver exceptional levels of customer service. In the year to 31 October 2022, Total Transaction Value ("TTV") on the platform was more than £700m, up more than 300% against the prior year.

Travel Counsellors operates across six countries (UK, Ireland, the Netherlands, Belgium, South Africa, and the UAE) and employs 300 people in its UK headquarters and overseas offices. The Company provides a high touch, digitally enabled platform, that enables and empowers travel counsellors, who are travel entrepreneurs and small business owners, to harness innovative and constantly evolving tools and technology to build their businesses in a way that suits them, with limitless potential and scale. This is underpinned by the knowledge and power of a global community and strong people-first culture. 

The company operates its own ATOL supported financial trust which safeguards customers from any failure of a travel supplier involved in their booking. 

Travel Counsellors is multi-award-winning and has a five star, 'Excellent' rating on Trustpilot. It was founded in 1994. 

For further information about Travel Counsellors, please visit: https://www.travelcounsellors.co.uk/our-story/

¹ TTV refers to the gross value of transactions conducted through the Travel Counsellors platform. FY22 numbers in this release may differ in reporting methodology from the rolling underlying TTV numbers which the Company periodically provides news updates on.

₂ Revenue comprises both the commission the Company earns as an agent as well as the business it transacts as principal 

³ Adjusted for Trust Income and exceptional items