Thursday, September 19, 2024 08:56
| Updated:
Thursday, September 19, 2024 08:57
A surge in post-pandemic demand helped Secret Escapes’ sales jump by more than £60m, helping to significantly narrow its pre-tax loss.
The London-based group reported revenue of £170m for 2023, up from £108m for 2022.
Newly filed accounts with House of societies also revealed that their pre-tax loss narrowed from £23m to £7.1m over the same period.
“Another strong year” for Secret Escapes
A statement signed by the board of directors said: “Secret Escapes delivered another year of strong performance in 2023, the first year of uninterrupted trading since 2019 and the start of the pandemic in 2020.”
He added: “Growth in early 2023 has been reinforced by increased demand levels post-Covid.
“Throughout 2023, consumer demand was strong, despite ongoing cost-of-living pressures, as consumers continued to prioritize experiences, albeit with a greater emphasis on value.”
Secret Escapes also said: “Our ability to respond quickly to changes in consumer demand has strengthened its resilience in the face of the many macroeconomic and geopolitical challenges encountered during the year, as well as industry disruptions from extreme heat and wildfires in southern Europe.”
The group was founded in 2011 and also includes the brands Travelist, Slevomat Group, Travelbird and Empathy Marketing.
Secret Escapes’ backers include Accomplice, Octopus Ventures, Index Ventures, Google Ventures, temasek, Idinvest Partners and Merian Global Investors.
In 2023, the company completed a £32 million fundraising, supported by its existing shareholders and lenders.
Its workforce was also reduced from 671 to 638.
“An encouraging start to 2024”
Regarding its outlook, Secret Escapes added: “The group has had an encouraging start to 2024.
“As the current cost of living crisis creates challenges for consumers, Secret Escapes is well positioned to meet demand across its various geographies due to its high quality offering of exclusive luxury travel deals to a wide range of destinations at the lowest prices available online.
“The group is well positioned to deliver further profitable growth during the year as it continues to execute its strategy of consolidating and increasing its market share in Europe while achieving its operational efficiency targets.
“Thanks to a strengthened balance sheet and a differentiated customer offering, the company's long-term outlook remains positive.”
