Gray Dawes Travel's profits dropped 58 per cent during the last financial year - a year in which it rebranded itself as a travel and expense management company.

The Colchester-based agency’s profit after tax stood at £87k for the year ending 31 March 2012, compared to £212k for the previous year, according to accounts filed with Companies House. Turnover was also down 15 per cent for the year from £2.5m in 2011 to just over £2m in 2012.

The Directors’ Report said that Gray Dawes has had a "consolidating year". The change in profit “largely reflected sales lacking the growth of the previous year, in turn triggering less than generous override payments from the airlines”.

The year saw Gray Dawes hire new CEO Suzanne Cockburn, who took the decision to rebrand the company to incorporate expense management. Gray Dawes now offers an integrated end-to-end solution for booking business trips, claiming all travel and non travel-related expenses and measuring the ‘total cost of trip’.

The Directors' Report added: “One major client is already implementing the system, which will provide a dynamic income stream for Gray Dawes, whilst saving the client considerable inconvenience and expense.”

Gray Dawes continues to be supported by parent company Inchcape Family Estates Limited via short-term loans to cover any shortfalls in cash collection.

Pictured: Suzanne Cockburn