Secret Escapes: Post-pandemic demand helps significantly cut loss
A surge in post-pandemic demand helped sales at jump by more than £60m at Secret Escapes in a move that helped to significantly cut its pre-tax loss.
The London-headquartered group has reported a revenue of £170m for 2023, up from the £108m it posted for 2022.
Newly-filed accounts with Companies House have also revealed that its pre-tax loss was slashed from £23m to £7.1m over the same period.
‘Another strong year’ for Secret Escapes
A statement signed off by the board said: “Secret Escapes delivered another year of strong performance in 2023, the first year of uninterrupted trading since 2019 and the onset of the pandemic in 2020.”
It added: “Growth in early 2023 was elevated by increased levels of demand post-Covid.
“Across the year, 2023 saw robust consumer demand, despite ongoing cost-of-living pressures, as consumers continued to prioritise experiences; albeit with a greater emphasis on value.”
Secret Escapes also said: “[Our] ability to respond quickly to changes in consumer demand underpinned its resilience to the several macroeconomic and geopolitical challenges experienced in the year, as well as sector disruption due to extreme heat and wildfires in southern Europe.”
The group was founded in 2011 and also includes the Travelist, Slevomat Group, Travelbird and Empathy Marketing brands.
Secret Escapes counts the likes of Accomplice, Octopus ventures, Index Ventures, Google Ventures, temasek, Idinvest Partners and Merian Global Investors among its backers.
During 2023 the company completed an £32m equity raise which was supported by its existing shareholders and lenders.
It also saw its headcount reduced from 671 to 638.
‘An encouraging start to 2024’
On its outlook, Secret Escapes added: “The group has had an encouraging start to 2024.
“Whilst the ongoing cost-of-living crisis is creating challenges for consumers, Secret Escapes is well placed to meet demand across its different geographies due to its high quality supply of exclusive luxury travel deals to a broad range of destinations at the lowest prices available online.
“The group is well placed to deliver further profitable growth in the year as it continues to execute its strategy to consolidate and grow market share in Europe while delivering its operational efficiency goals.
“Supported by its strengthened balance sheet and differentiated customer offer, the long term outlook for the business remains positive.”