Expat Explore Travel Ltd

The directors present their strategic report for the period ended 31 December 2024 below. Business Review The 2024 financial year was a transitional year for the company. Following the strategic spin-off of our B2B business into a separate company, there was a corresponding reduction in both revenue and cost of sales in the current year compared to 2023. Turnover decreased to £26.5 million (2023: £31.3 million), while cost of sales fell to £20.5 million (2023: £23.6 million). As a result, gross profit reduced to £6.1 million (2023: £7.7 million). Administrative expenses increased to £5.5 million (2023: £5.1 million), reflecting our continued investment in new projects and initiatives designed to support long-term growth. Notably, 2024 saw significant preparatory work for our new Rail Tour product, RailRocker, which is scheduled to launch in 2025. Operating profit fell to £0.65 million (2023: £2.65 million), and profit before taxation was £0.65 million (2023: £2.66 million). After taxation, profit for the year was £0.46 million (2023: £2.03 million). Despite lower profitability, the company remains in a robust financial position with net assets of £2.45 million (2023: £2.68 million) and strong liquidity.