The Group’s continued diversification is helping to broaden its appeal
Shearings Group reportedly carried a million passengers in 2012, up 3.6% over the previous year.
The Wigan-based Group, which provides holidays and hotel breaks for the over 50s market, experienced an increased revenue of £195.7m and a profit of £5.5m for the 12 months to December 31, 2012. This saw a further £5.4m reduction in net debt to £9.7m at year end.
In a statement, the firm said the continued diversification of its domestic and overseas holiday offering – which spans everything from West End theatre breaks to escorted tours and river cruises around Europe – was helping the Group broaden its appeal and acquire new customers.
Efficiency initiatives had resulted in significantly improved profitability across the Group, with its holidays and hotels businesses both making a strong contribution.
Passenger volumes were particularly strong at the Group’s value focused brands, National Holidays and Caledonian Travel.
The firm’s ‘Showtime’ entertainment-led short break programme continued to expand and the Group as a whole was able to develop more ‘event focused’ products around the Jubilee and Olympics.
Shearings’ 50-strong hotel portfolio, operating under the Bay and Coast & Country brands, sold almost two million bednights during the period, increasing its occupancy rate to an annual average of 82%. Facilities and rooms were further upgraded during 2012 as part of a wider £3.6m investment programme.
Shearings plans to invest further in its hotels, with a £3.5m refurbishment programme due for 2013, alongside a planned £7m investment for its coach fleet funded by a new £11m leasing agreement.
Denis Wormwell, CEO, said: “The Group made good strategic progress in 2012 and delivered much improved results. We’re targeting a large and attractive market across a demographic which continues to expand. By combining a marketleading position in escorted tours and a growing UK leisure hotel business, we’re confident we can continue to further improve performance in the coming year.”