Sales growth for Shearings
COACH holidays group Shearings saw sales and earnings increase last year.
According to figures released by the company operating profits, adjusted to account for exceptional costs, grew by 12% to £4.6m in the year to December 31. Revenue was up 4% to £187.1m.
The company said its holidays division carried 6% more people – 44,000 – who were looking for cheaper UK trips.
It operates the National Holidays and Caledonian brands and also runs a 50-strong portfolio of hotels under the Coast and Country and Bay Hotel brands. Revenues in the hotel arm were broadly in line with last year at £70.2m.
Chief executive Denis Wormwell said: “Last year presented a challenge for most operators in our market, with generally weak consumer confidence affecting people’s holiday budgets and two spells of adverse weather. Against this backdrop, the board was very pleased with the group’s overall sales and profit performance and the strength of its balance sheet.
“Significant investment in our coach fleet, holiday product, hotel estate and marketing has enabled us to continue to provide quality, value for money product for our loyal customer base, while broadening our appeal to new customers. This places our divisions in a strong position to accelerate sales and profits growth.
He added: “We see the Group’s prospects improving during the coming 12 months as we look to consolidate our position as the number one escorted tour operator and a leading leisure hotel operator in the UK.”
Wigan-based Shearings, which is owned by the private equity group 3i, reduced net debt by 14% to £17m.
Shearings was formed in 2005 following the merger of Shearings with Leeds-based Wallace Arnold, valued at around £200m. The new business was called WA Shearings but the ‘WA’ has been dropped by Mr Wormwell.
