The company encompasses Avalon Waterways, which is mainly river cruising, plus Cosmos Tours & Cruises, and Archers Holidays, the direct-sell operator.

The group made £452,000 before tax in the year to October 31, compared with a loss of £195,000 in the same period in 2014.

Taxation left Cosmos with a final profit figure of £365,000 on a slightly reduced turnover of £43.4 million.

The group said that while turnover decreased 5%, gross profit percentage had increased to more than 14% and costs had reduced by 2%.

Cash balances also increased from £5.1 million the previous year to £7.7 million.

It added: “The group strengthened its river cruise product offering during the year, which saw an increase in passengers in its own brand Avalon river cruises and contributed significantly to the increase in gross profit.”

Cosmos said it was expanding in 2016 “across all brands”.

It added: “The group’s objectives are to increase passenger volume and product range and this is expected to be achieved by enhancing technology and increasing promotion and marketing to improve distribution as well as access to competitively priced stock and to control overheads.”