Shearings profits pass £10m
Coach tour holiday specialist Shearings Leisure Group has posted underlying profits of £10.3m, which it says is thanks to improved gross margins and continued cost discipline.
The Wigan-based group, which includes the Shearings Holidays, National Holidays and the Coast & Country and Bay hotel brands, saw adjusted EBITDA for 2016 increase 13% to £10.3m (2015: £9.1m) for the year to the end of December 2016.
Revenue increased 3% to £207.2m (2015: £200.8m) alongside passenger number growth of 4% to 1.12m (2015: 1.08m).
Shearings also invested significantly in its hotel portfolio over the year, having spent £4.6m on room and facility upgrades, taking its three-year total to almost £13m. Further investments were also made in its coach fleet and IT infrastructure.
Last year, the group was bought from its management team by US investment firm Lone Star Funds, which was previously a minority investor.
Earlier this year, Shearings appointed Richard Calvert as chief executive, who is a former president and chief executive of US-based global holiday group Celebration Travel Group.
Calvert said the group plans to build on the record performance by investing in its brands, hotels and its digital platform to create easier and faster ways to book.
He said: “The kind of short breaks and holidays that today’s over 50s want has changed beyond recognition. We’re healthier and more adventurous than ever, and as interested in walking holidays in Austria and river cruises on the Rhine as hotel breaks on the Cornish coast.
“We’re continuing to listen to our million customers and evolve our offering to reflect the over 50s market in the broadest sense, providing a wider range of exciting locations and activities across each of our brands, underpinned by a common commitment to great quality, value and service.”