Shearings announces fourth successive year of record trading

Shearings announces fourth successive year of record trading

Coach and escorted tours operator Shearings has announced a fourth successive year of record sales, profits and passenger numbers

In the 12 months to last December the group, which includes the Shearings Holidays, National Holidays and the Coast & Country and Bay hotel brands, grew revenue by 3%.

This took annual revenue to £207.2 million while passenger numbers were up 4% to 1.12 million.

Underlying profit (adjusted EBITDA) increased 13% to £10.3 million thanks to improved gross margins and continued cost discipline, the group announced.

Shearings said it continues to invest significantly in its hotel portfolio, having spent £4.6 million on room and facility upgrades during the year, taking its three-year total to almost £13m. Further investments were also made in its coach fleet and IT infrastructure.

Earlier this year, Shearings appointed former president and chief executive of US-based global holiday group Celebration Travel Group, Richard Calvert, as chief executive.

Calvert said the group planned to build on the record performance by investing in its brands, hotels and its digital platform to create easier and faster ways to book.

“The kind of short breaks and holidays that today’s over 50s want has changed beyond recognition,” he said.

“We’re healthier and more adventurous than ever, and as interested in walking holidays in Austria and river cruises on the Rhine as hotel breaks on the Cornish coast.

“We’re continuing to listen to our million customers and evolve our offering to reflect the over 50s market in the broadest sense, providing a wider range of exciting locations and activities across each of our brands, underpinned by a common commitment to great quality, value and service.”

Calvert added: “What is unique about the Group is the pride, passion and knowledge of our people in what is a diverse, expanding and evolving part of the holiday market.

“We also have a family of trusted brands with enormous heritage and equity with our customers, which gives us a strong platform to build on.”

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