Posting its full-year financials on Tuesday (18 June), the consortium reveals its pre-tax net profit for the 12 months to the end of September 2023 had increased to £1.2 million, up from £619,815 year earlier.
Global sales turnover, meanwhile, increased by almost 20% from £12.5 billion at the end of its 2022 financial year to £15.6 billion. Advantage said the uptick was mainly driven by a "buoyant" UK outbound travel market, with British members delivering £7.6 billion in turnover – £5.7 billion from business travel and £1.9 billion from leisure.
Advantage added its transactional turnover had increased "significantly" to £116 million, up from £88 million a year earlier.
"Despite a challenging economic backdrop throughout the year and the cost of living crisis, British consumers demonstrated their passion for travel and prioritised their well-earned holidays above all else,” said chair Steve Esom.
"Business travel also came back strongly during the year, as more and more companies resumed in-person meetings and events and by the close of the year booking volumes across the sector finished at 92% of those seen in 2019.”
Esom highlighted how the consortium was continuing to grow its ranks, its membership growing by 25% over the past 12 months to now span 83 countries – including Hong Kong, India and the US. Its own employee headcount, meanwhile, has increased to nearly 100.
Lo Bue-Said warned that despite inflation seemingly now under control, consumer spending would likely remain under pressure due to the uncertainties caused by the ongoing conflicts in Ukraine and Gaza.
However, she added: "Many indicators show holidays and travel remain of vital importance to people and business, so we can look forward with a degree of cautious optimism."
She continued: "As our business advances, our strong financial performance provides the catalyst for embarking on strategic options to further future proof the organisation."
Paying tribute to the Advantage team, Lo Bue-Said said they had "once again delivered over and above this year". "Our people play an integral role in our success. It’s their energy, dedication and range of skills and experience that differentiates us in the highly competitive market in which we operate."
Lo Bue-Said added the consortium had now established an environmental, social and governance (ESG) member steering group which, together with its other membership steering groups, would ensure the group remains "laser focused" on what is important to members.
