A double-digit rise in package holiday sales has boosted profits at the parent company of Newmarket Holidays by 31%.
Newmarket Promotions’ operating profit rose by £400,000 to £1.7m
Newmarket Promotions Ltd saw operating profit jump by almost £400,000 to £1.7m as turnover rose 13% to £86.9m for the year ended December 31, 2013 according to group accounts recently filed at Companies House.
Sales of package holidays rose by 13% year-on-year, but the gross profit margin slipped by 1 percentage point from 19.2% to 18.2%, which the company blamed on a “poorer sterling exchange rate environment”.
“The company is well placed to continue its consistent record of growth and profitability. 2014 will be the 31st year of operation, and in every single year since 1984 the company has returned a profitable trading statement,” the directors said in their report.
“The directors, while satisfied with this record, are determined to build on the strong platform that has been established and develop new products that supplement the company’s niche distribution channels.”
Newmarket Holidays was started 31 years ago by Toni Frei and Jeremy Griffin, who were joined later by Simon Hibbs.
The three remain the company’s only shareholders. Earlier this year, the Surrey-based operator was forced to move its charter operation from Manston to Lydd Airport after the former announced that it was closing.
Sourced from TTG Digital