The year ended March 31, 2012 was both an eventful and fruitful journey
for our Company. In September 201 1, we completed the acquisition of
Holidaybreak Ltd, a specialist UK based travel Company with operations
across Europe. Holidaybreak has several market leading brands across
Education Travel, Leisure Business and Camping Holidays, with each
business being run by a highly experienced and professional management
team. Amidst difficult economic conditions in Europe, Holidaybreak has
demonstrated resilience and stable cash flows, which indicates the
quality of its various businesses. This is a transformational
acquisition for Cox & Kings as we position ourselves to tap the huge
potential of Education travel. The acquisition will also help grow our
leisure business globally, through a wider product range and improved
buying from our suppliers.
During the period under review, our business in India continued to
demonstrate robust growth, on the back of our strong product offering
and distribution network. We are pleased with our performance in other
We continue to see growth and consolidation in the leisure travel
market in India. We are encouraged by the continuing shift in customer
preference from the unorganised sector to organised tour operators.
Combining this with new additions of first time travellers each year
into the market, which is still quite nascent; we feel there is a
tremendous opportunity to grow the India business for years to come.
Economic conditions are tough in several international markets that we
operate in. Nevertheless, we have been able to grow our business
despite these challenges. This reaffirms our confidence in our
management team and justifies the investments we make into
strengthening our brands globally.
I am confident that we will achieve significant benefits from these
important developments which could not have been achieved without the
hard work of our dedicated team and in closing I should like to express
both my personal and the Board''s sincere thanks to them all. I would
also like to thank our Shareholders for their continued support for our
journey of growth.
A. B. M. Good