Revenues have surged and losses have narrowed at a Cheshire-headquartered luxury travel company, which is behind brands such as Elegant Resorts, in what it described as a “much improved trading year”.

The Portman Travel Group’s portfolio comprises Clarity Travel, Elegant Resorts and If Only Holidays.

For the year ended 31 December 2022, revenue jumped from £40.3m to £143m, while pre-tax losses reduced from £8.3m to £2.3m.

Speaking in a report alongside the results, the business said that Covid-19 related travel restrictions at the start of 2022 had a “significant effect on the demand for business travel”, subsequently impacting its operations.

Volume did begin to return, however, especially in leisure, where revenue increased by 250 per cent.

Business travel also enjoyed a 150 per cent increase in revenue and a positive EBITDA of £1.1m, while its sports sector experienced “significant year on year growth”, with revenue jumping by 292 per cent.

Looking ahead, the group said that it plans to expand the services it offers into other key markets, and noted that it will “accelerate growth of the group through the acquisition of similar travel operations”.

The report added: “The Covid-19 pandemic has had a significant impact on the travel industry and the board is focused on ensuring that the group can return to profitability in the medium to long term.

“The above drivers will assist in delivering this whilst ensuring the brand proposition is focused on improved growth of market share.”