Western & Oriental bucks tough trading conditions
Specialist luxury travel group Western & Oriental has bucked tough trading conditions by turning a loss last year into profit for the full year ended September 30 2009.
Profit before tax and exceptionals was £14,000 compared to a loss of £4.2 million in 2008.
Overall, revenue fell by 8% to £57.6 million from £62.7 million in 2008, but gross profit margins improved year on year to 16.3% compared to 15.5% in 2008.
Administrative expenses were down 27% to £9.8 million and central costs were cut by 14% to £3 million.
The company attributed the "significant" improvement in its performance to early and decisive action to reduce costs and integrate products.
Commenting on the results, chairman David Howell said: "The group’s decision to significantly reduce the cost base at the end of the 2008 financial year and integrate the product offerings, coupled with a degree of consumer confidence post-August 2009, allows the board to view 2010 with some increased optimism."