Sales soar at holiday property lettings agency
A technology-enabled self-catering holiday property lettings agency has increased sales and profits in its latest financial year.
Founded in 1991, Sykes Cottages provides holidaymakers with handpicked cottages in the UK and Ireland.
In its latest accounts, covering the year to 30 September 2017, the private equity-backed business upped pre-tax profit from £5.5m to close to the £6m mark on turnover which leapt from £27.3m to £34.7m. EBITDA rose 28 per cent to £8.8m.
Sales and profits rose as the relatively weak price of sterling during 2017 made the UK more attractive to both British and overseas holidaymakers.
Speaking to Insider earlier this year, chief executive Graham Donoghue said turnover should hit £50m in Sykes’ current financial year.
Sykes’ head office is at City Place in Chester where about 500 employees work.