Profits go in right direction for the Travel Department

The Travel Department, an escorted holidays business based in Dublin, almost doubled profits to over €2.3m last year, ahead of a sale to private equity group MML Capital.

The company paid a €2.7m dividend to its shareholders, including Bob Haugh, who set up the Travel Department in 1996. In February this year, MML paid €12m to take a majority stake in the company alongside its management team.

Revenues at the Travel Department rose 10% last year to €42.6m, according to new accounts filed at the Companies Registration Office. It had accumulated profits of €3.25m and €7.4m cash on its balance sheet after making the dividend payment to shareholders.

The company had 57 staff last year. It sells holidays online and also has a store within…

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