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Adventure Travel Division. Simon Tobin 17 September 2004. The World of Adventure Travel. Small group exploration All continents / 107 countries / 400 trips Responsible Tourism. The Market in UK. UK Worldwide Group Travel – Cultural, Activity & Adventure. Explore. Exodus.

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Adventure Travel Division

Simon Tobin 17 September 2004


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The World of Adventure Travel

  • Small group exploration

  • All continents / 107 countries / 400 trips

  • Responsible Tourism


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The Market in UK

UK Worldwide Group Travel – Cultural, Activity & Adventure

Explore

Exodus

The Adventure Company

Adventure Small Groups

Journey Latin America

Guerba / Dragmoman / ImTrav

(60,000*)

Walking Activity Special Interest Individuals & Groups Self Guided

(61,200*)

Ramblers

Discover the World

Headwater

Inntravel

HF Holidays

ATG

Waymark

Travelsphere

Worldwide Group Travel Cultural & Comfort

(158 500*)

Travel Collection

VJV

Noble Caledonia

Cox & Kings

Bales

*ATOL Licenses – 01/09/03


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Customer Profiles

  • Grown up back packers

  • Late starters

  • First steppers

  • Action men & women

  • Serial Explorers

  • Average age 46 … 55% female


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The Business Model

  • Small group packages

  • Land costs & Tour Leader & Air & Misc

  • Pricing = VFM

  • Gross margin 30%

  • Net margins 9%

  • Yield management drives profitability

  • Currency bought forward


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Distribution

87% UK / IRL = EXUK

Flight inclusive

13% International GSA’s

= Land only

USA CAN AUS NZ


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Sales Mix

UK Business

95% Direct

5% Agency

Direct business

20% via Web

20%

80%


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Organisation & Structure

Explore

  • Marketing

  • Comms

  • Services

  • Distribution

  • Internet

  • Operations

  • Product Development

  • Overseas Ops

  • Aviation

  • Finance & Admin

  • Financial

  • Legal

  • HR

  • IT

  • Network

  • Systems and Development

  • Customer Services

  • Sales & Reservations

  • Support

  • Flights/Tix

  • CR

  • 120 Permanent Staff

  • 140 Tour Leaders & Local Leaders


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Divisional Board

Mike Tyler (3)

Finance Director

(Finance/IT/HR)

Derek Moore (24)

Aviation Director

Andreas Elia (7)

General Manager, RegalDive

Simon Tobin (4)

Mangaging Director

(Sales & Marketing)

Nick Anstead (10)

Product Development & Ops Director

Ashley Toft (9)

Customer Services Director


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RegalDive - Product

  • Red Sea Package Holidays

    • Diving, Liveaboards & Sun

  • Worldwide Diving

    • Tailor made – to Caribbean, Maldives, Indonesia, South Africa etc

  • Special Groups & Flights Only


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RegalDive - Business Model

  • 80% Red Sea Charter 7 / 14 day rotations

  • 15% Worldwide

  • 5% Seat only / miscellaneous

  • Conventional Tour Operator Financial Model

    • 20% Gross margins. 5% Net margins

    • Load factors / Fixed cost commitment


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RegalDive - Organisation & Distribution

  • Based in Cambridgeshire

  • Technical Dive & overseas expertise

  • Lean cost / overhead structure

  • Direct sales 70%

  • Agency / Specialist Dive 30%


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Getting Through Difficult Times

  • External factors post 9 / 11

    • SARS, Bali, Afghanistan, Iraq Wars, Kenya, Morocco & etc

    • Continue product development

  • Improve & Change & Develop internal systems

    • Flexibility in air

    • Internet & on-line capability

    • Streamline business processes

  • Clarify brand strategy


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The Explore Rebrand Experience

  • Rationalise brand hierarchy

  • Master brand allows for segmentation

  • Multi channel application

  • Refresh and add style / design to enhance values and communication




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Financial Performance Since 9 / 11

+14%

33.3m

32.6m

31.0m

(as at 7/9/04)


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Financial Performance Since 9 / 11

*Before goodwill, impairment and exceptional costs


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Financial Targets

  • Strong top line sales growth

  • Margins steady at 30% +

  • Net margins in line with 2004

  • 2005 sales currently 45% ahead – but Q4 (35% of annual total) bookings yet to start


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Organisational Developments

  • On-line booking launches

  • Extend Web community development

  • IT systems development plans for handling multi flight options

  • Explore / RegalDive – air ticket synergies

  • RegalDive goes on line


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Strategic Challenges

  • Operating in a changing world

  • Aviation issues

  • Competitive activity / Tour operating changing

  • New markets – new channels


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The Geo-Political Map

  • Fundamentalism – Terrorism – Anti-Western

  • Political instability – e.g. Bolivia, Katmandu

  • New destinations vs conservation & Responsible Tourism

  • Customer perception – FCO advice / media

  • US / Allied Foreign Policy


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Aviation

  • Consolidation of Flight Carriers / Alliances

  • Yield Management, allocation models

  • Short haul / Low cost

  • Fuel prices

  • Air travel safety issues


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New Markets / New Channels

  • New customers – matching expectation

    • Plans for multi channel growth

    • New media / Rich media

    • 3 party alliances e.g. British Museum, National Trust

    • Replace established above line with internet / Web

    • Extend specialist agency links


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Adventure Travel Division – The Future

  • Increased appetite for adventure travel

  • Geopolitical risks but a huge range of destinations and travellers will adapt

  • Market leadership and loyal customer base

  • Successful product and brand development programmes

  • Continuing opportunities for profitable growth


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Investor Workshop

17 September 2004


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