News Article

Record Profits as Holiday Cottage Rental Firm Eyes Best Summer

3 July 2019

A holiday cottage rental business has reported record profits in its latest financial results and said the trend of holidaymakers taking more, shorter breaks closer to home had put the business on course for its best summer yet.

Sykes Holiday Cottages is a private equity business which employs more than 630 staff, including 500 at its Chester head office.

Last summer's heatwave, together with a feelgood factor provided by a royal wedding and England's unexpected run in the World Cup, helped EBITDA rise by 43 per cent to £12.6m in the year to 30 September 2018 on the back of sales which climbed from £37.5m to £52.1m.

Sykes also recorded 20 per cent year-on-year organic growth in its property portfolio, most of which was driven by owners who were new to holiday letting.

 

Read more at: Insider Media