Travel company Mark Warner saw turnover drop 14 per cent last year after it suspended its operations in Turkey due to concerns over the volatile situation in the region, but it managed to hold its prices and improve profit margins.
The London-based company – which organises holidays across Europe with activities including sailing, tennis, windsurfing and skiing – said summer bookings were ‘encouraging’ and Greece and the Western Mediterranean were performing strongly.
Turnover dropped 14 per cent after Mark Warner suspended its operations in Turkey
Sales for the year to October 31, 2016 fell from £42.7 million to £36.4 million as passenger numbers dipped from 40,956 to 33,121, but pre-tax profits fell only slightly from £645,000 to £527,000.
Mark Warner was founded in 1974 by friends Mark Chitty and Andrew Searle.
At the end of last year we reported that it was adding a Brexit tax onto booking of up to £50 per person.
Customers told us Mark Warner was demanding the extra cash because the pound has tumbled against the euro since the EU vote.
In June, £1 was worth €1.30. Today, it buys just €1.20, having dipped as low as €1.11 in October.