People 'investing in precious time' has given North East travel group Hays Travel its strongest-ever trading year.

After years of lockdown, customers showed they were  ready to explore, and with destinations opening at the peak holiday booking time, and those customers seeking the reassurance and expertise of a travel agent, Hays' annual accounts show that the group’s profit before tax in the year ended 30 April 2023 was £51.6m - an increase of 259% compared to 30 April 2022 (£14.4m).

The total transaction value in the year ended 30 April 2023 was £2.19bn - an increase of over 103% on the same period in 2022 (£1.07bn).

Dame Irene Hays, owner and Chair of Hays Travel, said: “Across the communities we serve around the UK there is a huge appetite for travel and experiences – people want to invest in precious time exploring the world.

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"Our 2022-23 results show good growth in all areas of the business. A significant factor in this was the speed with which consumer confidence returned post-pandemic.

“Early in 2022-23 restrictions were still evident in some destinations, however we were well prepared to take advantage of the ‘bounce back’ as the year progressed, which is evident in our financial results.”

Dame Irene - who has agreed to be the keynote speaker at this year's BUSINESSiQ Awards - added: “After the uncertainty and challenges of recent years, it’s been reassuring to see more confidence and stability in travel in 2022/23. This buoyant year has enabled us to invest in our strategic priorities – our customer experience, our people, and the communities where we operate. We have continued to expand our retail network and are pleased to have seen growth in our homeworking, franchise, and Independence Group divisions.

After the uncertainty and challenges of recent years, it’s been reassuring to see more confidence and stability in travel

“It’s testament to our customers and our people that we begin 2024 in such a positive position, having ended 2023 voted the nation’s favourite travel agent when we won three gold awards at the British Travel Awards for travel retail, cruise, and foreign exchange.”

Established with one shop in 1980, Hays Travel is now the UK’s largest independent travel agent with 470 retail branches, expanding homeworking and franchise divisions, and a growing roster of Independence Group members – where Hays provides back-office expertise and support.

As well as existing customers returning to travel, 41% of those booking holidays in the last year were new to both Hays Travel and the Thomas Cook shops that Hays Travel acquired in 2019; with customers seeking the reassurance that comes with booking through an agent.