Turnover up but profit down for Reed & Mackay

Company turnover increases 5% and group makes acquisitions in UK, France and Germany during financial year.

Reed & Mackay's homepage
Reed & Mackay's homepage

Turnover at Reed and Mackay has grown by 5% in the financial year ending 31 March 2018, from £36.1m to £38.1m.

Operating profit fell within the same period by 22%, from £12m to £9.4m, according to accounts filed on Companies House. The company's average number of employees rose from 385 in 2017 to 414 in 2018.

In the report included with the accounts, a directors statement said: "Growth in turnover in the year of 5.4% reflects the solid growth in spend by existing clients and the addition of new clients, offset by a small amount of client losses.

"Operating profit in the year to 31 March 2018 was reduced by charges from overseas operations within the group.

"While the UK market remains the group’s primary focus, the group has continued to grow its international presence by acquiring Reiseburo Moll GmbH in Germany and Frequent Flyer Travel Paris SAS in France, as well as opening offices in Singapore and Australia.

"In May 2018, the group acquired Hillgate Travel Holdings Ltd, a highly regarded UK-based corporate travel management company."

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