Revenues top £400m at Holidaybreak

TRAVEL group Holidaybreak, the firm behind the PGL children’s adventure holiday brand, saw turnover top £400m, up 4%, last year according to newly-filed accounts.

Acquired in July 2011 by Indian leisure group Cox & Kings for £312m, Holidaybreak, which has retained its headquarters near Northwich, said pre-tax profits slipped to £7.6m from £13m largely due to one-off expenses.

But headline earnings, before interest, tax, depreciation and amortisation (EBITDA) in the year to March were up 3% to £59.7m.

The group said it benefitted from revenues of £43.6m from Meininger, the German student and school tours accommodation business it took full control of early last year. The education division, which includes the PGL contributed sales of £133m, down by £2m on the previous year, which the company blamed on the timing of Easter.

Since the year end Holidaybreak has sold its Eurocamp division in a £90m deal to the French group Homair Vacances Group, which also runs camping villages. In the period under review Eurocamp generated sales of £96.5m, down from £98.4m. Revenues at the hotel breaks arm rose by £2.3m to £83.2m.

Net borrowings were up by £11m to £142m and the group has a £220m credit facility with a syndicate of banks which expires in September next year.