Getting too comfortable, reluctance to innovate and resting on one''s laurels are among the greatest
risks in business. To its credit the team at Cox & Kings has managed to avoid these mistakes by encouraging a
culture of ideation, debate, action and follow-through. It has travelled through a long period of change,
economic upheaval and breath-taking technological advancements emerge stronger and more successful across the
business. If the next four decades are to be anything like the past four, I can think of no better company
than ours with which to be associated.
The business of travel has never been more challenging, nor has the passion for travel been so strong and
the opportunity to travel available to so many, as it is today. Our package-tours business in India is
expanding significantly, our experiential learning business in the U. K. is the leading player and our highly
profitable Menninger hybrid hotel group, providing safe, comfortable and well- priced accommodation to
families, school groups, business people and backpackers is expanding rapidly - we are aiming to double our
bed capacity over the next few years.
The last year at Cox & Kings was characterized by robust organic growth across each of its divisions -
Leisure, Education and Menninger - despite a series of unfortunate events in Europe. We undertook strategic
reorientation of Leisure International by divesting a 51% stake in both Super break and our
recently-acquired Late Rooms business to a company funded by private equity. We have retained a 49% stake in
the combined entity, which is destined to reshape the future of travel by marrying the best of both content
We remain ever focused and on our guard to ensure that our customers enjoy the best travel experiences
with Cox & Kings.
We are the number one player in the educational travel sector in the UK, and our expansion into Australia
is proof that outdoor learning as a concept is here to stay. It is our aim to achieve the same position of
dominance in Australia as we currently enjoy in the UK.
I am personally very excited about the progress we have made and the opportunities available to us. I
should like to express my appreciation to our investors who have partnered with us over the years since our
listing, and to our hard working, innovative and successful management and staff.