After the sector took a battering from the Pandemic, the UK's biggest independent travel operator has just released 2022-23 results which suggest the travel industry's blues could be in the departure lounge.

Hays Travel, which has 470 branches, including on Cheltenham's High Street, made pre-tax profits of £51.6m in the year to April 30th 2023 - a stark rise on the figure of £14.4m in 2021/22. Turnover rose 93% to £423.5 million, compared with the preceding year's £219.4m. Transaction value also doubled to £2.19bn.

A return to consumer patterns that largely mirror the period before the Pandemic led to a near doubling of profit for the same period (up 93%, from £219.4 m to £423.5m), while operating profits rocketed by 266% (from £12.5m to £45.8m). On total transaction value, which is a measure of the total customers spent with the business, the books also saw a figure that more than doubled - to £2.2bn.

Hays Travel, which sells holidays and tours as well as operating currency exchange, first opened in 1980 after its owner, John Hays, began selling holidays from a laminated dressing table in the back of his mother's babywear shop in Seaham, County Durham.

After initial expansion in the north-east, the business opened its first call centre in 1990 and in 1995 the Hays Travel Independence Group was formed. Consortium members retain their own independence and branding, but benefit from Hays Travel's buying power, technology, and back-office support.

In 2013 southern England's largest independent travel agency, Bath Travel, was snapped up, adding more than 60 branches and 330 employees, while a year later, Hays took on its first franchise, Just Go, in the north-west of England, adding 14 more branches.

Hays' biggest leap was in 2019 though, when it acquired a lease to operate the former Thomas Cook 555 shops, providing re-employment opportunities to 2,500 staff who had been made redundant following its collapse. Another year later, Hays Travel took over all 20 Tailor Made Travel shops as well as retaining around 100 employees.

Dame Irene Hays, chairwoman and owner, said: "Early in the year restrictions were still evident in some destinations and the shortage of workers in the travel sector did impact on capacity throughout the supply chain.

"However, as the year progressed the group has been well prepared to take advantage of the 'bounce back' and this has been evidenced by the results for the year."