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« Mar 12
Chairman's Speech (Cox & Kings) Year : Mar '13
Dear Shareholder''s
 
 2012/2013 has been an important year for Cox & Kings Group, as it
 marked the first full year of operations since the acquisition of
 Holidaybreak plc, a leading specialist European education travel,
 camping and leisure business, in September 2011. We are extremely
 pleased with the performance of this business and are confident that we
 have brought into our fold a company with a resilient business model,
 strong brands, stable cash flow and run by a highly-experienced
 management team adept in steering the company through a challenging
 operating environment.
 
 The Holidaybreak businesses comprise iconic brands, like PGL, NST,
 Eurocamp and Keycamp, operating for several decades and consistently
 delivering superior customer experience. In addition, Meininger, our
 European hotel chain catering to value seeking travellers such as
 student, youth travel and others is an exciting business with a high
 growth trajectory. The year gone by has made us very satisfied and has
 exceeded our expectations, about the quality of this business and its
 long-term prospects within its current operational markets and beyond.
 During the year, our confidence in the business was reaffirmed when
 
 Citi Venture Capital International, a global private equity firm,
 decided to partner with us infusing fresh capital at the subsidiary
 level, the funds being utilized to reduce acquisition-related debt.
 
 Our India business continues to be the other strong pillar for the
 Group, marching forward from strength-to- strength, in its bid to
 provide the Indian traveller with a unique travel experience,
 irrespective of their choice of holiday destination globally, creating
 lasting memories for them along the way. The India business saw another
 year of robust growth, and with the increased scale of business each
 year, we are confident that the journey for both Cox & Kings and the
 Indian travellers has only just begun. In addition to our growing
 presence in the Indian retail outbound market, we also witnessed strong
 performance in our retail domestic and MICE (both outbound and
 domestic) business, adding a further leg to the growth prospects of the
 India business.
 
 We believe that as a Group, we are in better shape today than ever
 before with an excellent mix of growth and stability across both
 products and geographies. We also believe, we have a great platform to
 build upon, , taking our existing products to more customers and
 geographies and simultaneously innovating to bring newer products.  The
 economic conditions across our various operating geographies may
 continue to be challenging in the coming year, but we believe in the
 inherent strength of our business and the expertise and experience of
 our management team to navigate the difficult times.
 
 In closing, I should like to express both my personal and the Board''s
 sincere thanks to the entire Cox & Kings employee workforce for their
 dedication and commitment to the business. I would also like to thank
 our shareholders for their continued support in this exciting journey
 of the Company.
 
 Mr. A.B.M. Good
 
 Chairman
Source : Dion Global Solutions Limited
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