Advantage Travel Partnership confirmed its annual global sales reached £17 billion in the last financial year, leaving it with a pre-tax net profit of £1.3 billion, up from £1.2 billion the previous year.
Of its £17bn turnover for 2023/24, £8.8bn was from its UK members, up 16% year-on-year, of which £6.3bn was from business travel and £2.5bn from leisure travel.
Advantage said its overall financial results ‘represent the highest level of profitability’ in the group’s history, adding that they will ‘provide all stakeholders with the reassurance and comfort of a strong balance sheet’ as well as the ability to further invest in products and services.
Chair Steven Esom said: “2024 marked a watershed year for the UK outbound travel industry as we experienced our first true return to normality since the pandemic. Despite challenges including political uncertainty, air traffic control strikes, extreme weather events, and ongoing cost-of-living pressures, our industry demonstrated remarkable resilience and adaptability.
“The sector’s performance amid economic headwinds was particularly noteworthy, with UK outbound travel emerging as a leader in consumer spending, outperforming many other service sectors. This trend underscores a fundamental shift in consumer priorities – even under severe budget constraints, both leisure and corporate travel remain essential expenditures, with family holidays proving non-negotiable and corporate managed travel programmes seeing solid growth.”
A significant milestone in the last financial year was the acquisition of insurers Cork Bays and Fisher, which has allowed Advantage to grow its underwriting capability, he said.
“Looking ahead, we face continuing geopolitical uncertainties and economic headwinds. While inflation has moderated, consumer spending remains under pressure. In the UK, our members face mounting operational challenges from increased staffing costs and higher National Insurance Contributions, creating complex decisions around cost management and profitability,” he added.
Chief Executive Julia Lo Bue-Said said: “During the year Advantage Travel Partnership achieved a set of outstanding results, demonstrating excellence across every aspect of our operations.
“We surpassed a number of our ambitious strategic goals while delivering exceptional financial performance, and in doing so building a robust platform for the group in order to consider strategic investments that align with our future objectives.
“In a business environment that continued to present economic challenges through pressure on consumer spending and inflationary pressures our members demonstrated remarkable resilience and growth, with many expanding their operations into new locations, capitalising on positive market conditions and proving the strength of our partnership model.”
More than 50 new branches joined the partnership last year, while its Managed Service model grew its turnover 33% to £155m.
Looking at this year’s financial performance so far, Julia added: “While 2025 is proving to be a year of significant change, with economic and political conditions remaining somewhat unsettled globally, we are pleased to report that we continue to trade well across all our core business areas.”
