Getting too comfortable reluctance to innovate and resting on ones laurels areamong the greatest risks in business. To its credit the team at Cox & Kings hasmanaged to avoid these mistakes by encouraging a culture of ideation debate action andfollow-through. It has travelled through a long period of change economic upheaval andbreath-taking technological advancement to emerge stronger and more successful across thebusiness. If the next four decades are to be anything like the past four I can think ofno better company than ours with which to be associated.
The business of travel has never been more challenging nor has the passion for travelbeen so strong and the opportunity to travel available to so many as it is today. Ourpackage-tours business in India is expanding significantly our experiential learningbusiness in the U. K. is the leading player and our highly profitable Meininger hybridhotel group providing safe comfortable and well-priced accommodation to families schoolgroups business people and backpackers is expanding rapidly we are aiming to double ourbed capacity over the next few years.
The last year at Cox & Kings was characterised by robust organic growth across eachof its divisions Leisure Education and Meininger despite a series of unfortunate eventsin Europe. We undertook a strategic reorientation of Leisure International by divesting a51% stake in both Superbreak and our recently-acquired LateRooms business to a companyfunded by private equity. We have retained a 49% stake in the combined entity which isdestined to reshape the future of travel by marrying the best of both content andtechnology.
We remain ever focussed and on our guard to ensure that our customers enjoy the besttravel experiences with Cox & Kings.
We are the number one player in the educational travel sector in the UK and ourexpansion into Australia is proof that outdoor learning as a concept is here to stay. Itis our aim to achieve the same position of dominance in Australia as we currently enjoy inthe UK.
I am personally very excited about the progress we have made and the opportunitiesavailable to us. I should like to express my appreciation to our investors who havepartnered with us over the years since our listing and to our hard working innovativeand successful management and staff.
A.B. M. Good Chairman