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Worldspan profits fall 26 per cent to £405k

But figures represent second highest profit in 40 years, and come on the back of a record year in 2014/15
18/11/2016

Pictured: Worldspan chair Jason Wilcock

Worldspan has enjoyed its second highest profit in 40 years, with pre-tax profits reaching £405k, though the company fell short of repeating its "standout" results from 2014/15.


The North Wales-based company saw profits slip 26 per cent from its record previous year, where pre-tax profits amounted to £547k, but chair Jason Wilcock says he is delighted with the current position.


Accounts filed at Companies House also show turnover fell 13 per cent from £9.1 million to £7.9m for the year ended 30 June 2016, which Wilcock added was largely down to a payment policy change from a key client.


Wilcock said: "It’s another strong result and testament to our exceptional team.  The last two years together have been very strong – the 14/15 financial year was truly a standout year, with our highest recorded profit ever.


"Turnover and gross margin were down against last year, however turnover was impacted directly by a payment policy change by one of our key clients, who introduced a meetings payment card for flight, venue and supplier costs, which were previously invoiced directly by us.


"We are delighted with our current position and excited about the future."


It comes as the company achieved its ISO 14001 Environmental Management accreditation and was awarded Business of the Year at a regional business awards ceremony. It also opened a new satellite office in London in October, to service clients in London and the south east.


The year also saw the passing of Worldspan’s founder and events industry pioneer Len Wilcock, who lost his battle to cancer. Jason Wilcock, his son, took up the role as chairman and completed a buy-out in the same month.


Speaking on the current financial year of 2016/17, Wilcock said: "We have not seen any meaningful or sustained signals from our clients as a result of the EU referendum. We are fortunate to have a wide client base at Worldspan, across both industry and association segments , and, like any business, we continue to monitor the situation and will adjust our strategy accordingly, if need be."


The directors’ report filed with the accounts said: "While the overall results were lower than the previous financial year, the results reflect a solid trend of continued growth from the company’s 2013/14 and prior financial year results."


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