SHEARINGS Group, the package holiday operator owned by buyout group 3i, yesterday said cost controls and more customers helped increase underlying profits by a fifth last year.
The 110-year-old company, famed for its iconic blue coaches, offers package holiday tours to the over-50s. It posted a better year in revenues after a 3.6 per cent increase in customer numbers.
Revenues increased to £195.7m in 2012, increasing earnings before interest, taxes, depreciation and amortisation to £5.5m – a 19.5 per cent increase. The firm also paid down about a third of its debt pile and ploughed almost £3m into refurbishing its hotels.
The results will offer hope to 3i, which is understood to have written down the investment after failing to find a buyer.
Shearings boss Denis Wormwell said: “The group made good strategic progress in 2012 and delivered much improved financial results.”