Lowcosttravel Group profits grow 64%

The Lowcostravel Group has reported a 148% increase in operating profit to £9.1 million in the year to October 31 2009.

Lowcosttravel Group reported a 64% increase in pretax profit to £749,000 in the year to October 31 2009.

The group’s total transaction value more than doubled from £50.7 million to £108 million, mostly driven by the company’s acquisition of transfer company Resorthoppa last year.

The company relaunched its trade website and secured a string of major accounts, including the Global Travel Group, Directline Holidays and Triton Rooms. It also opened a new operations centre in Alicante, Spain.

Lowcosttravel Group chief executive Paul Evans said: “2009 was one of the toughest years for the travel industry. However our unique technology, industry beating rates and market leading customer service have enabled us to aggressively grow lowcostbeds and resorthoppa by 70% and 35% respectively.

“The further expansion of our accommodation and transfer programme, renegotiation of our rates and investment in technology has enabled us to deliver a unique proposition to our travel trade customers.”

Tim Buckman, managing director of ResortHoppa and group sales director, added: “We would like to thank our agents who have worked with us to grow our business, increase our product range and deliver industry leading service to customers. We are positioned for another year of significant growth and to roll out our business into key European markets.”