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$47.7M turnaround! Intrepid Travel posts best-ever financial & impact records in FY23

Intrepid Travel hit an all-time financial record in FY23 with a net profit of AUD$21.8 million – a $47.7 million turnaround in just 12 months. Even more impressive is its highest-ever impact result with $4.6 million going to charitable and community causes.

Intrepid Travel hit an all-time financial record in FY23 with a net profit of AUD$21.8 million – a $47.7 million turnaround in just 12 months. Even more impressive is its highest-ever impact result with $4.6 million going to charitable and community causes.

The FY23 results showcase the certified B Corp’s best financial and impact performance in the company’s 34-year history, highlighting an end to the pandemic recovery period and increasing its headcount by 1,129 roles across the business.

This is also despite operational challenges such as conflict in the Middle East, significant natural disasters, global high inflation and cost of living issues.

Resilience of the experience-led travel sector

Intrepid Travel Borneo Kota Kinabalu Dusun village Homestay Farms Leader Jeffry Travellers2
Experience a Borneo homestay in Dusun village, Kota Kinabalu on an Intrepid Travel tour.

In FY22, Intrepid Travel reported a net loss after tax of $25.9 million to a net profit of 21.8 million in FY23 – a $47.7 million turnaround in 12 months.

Of its impact results, the small-group adventure tour operator raised $2.8 million for 50 community partners through the Intrepid Foundation.

The Intrepid Foundation Intrepid Travel South Africa Greater Kruger National Park Hoedspruit Black Mambas snare walk 90
Snare walk with the Black Mambas, the world’s first all-female anti-poaching unit, in South Africa’s Greater Kruger National Park, supported by the Intrepid Foundation.

Intrepid aims to raise $1 million for communities via the Intrepid Foundation and match public donations up to $1 million this year.

The voluntarily released Intrepid Travel Integrated Annual Report 2023 also shows year-on-year Intrepid bookings increased by 68 per cent to $621 million and revenue increased 113 per cent to $536 per cent.

Intrepid achieved a 41 per cent uptick ($180 million in web bookings) in online revenue growth, representing 10,000 more direct customers.

In 2023, Intrepid also grew its staff shareholders to 421 shareholders (up from 52 in 2022), who will now benefit from this strong performance by paying its first dividend since 2019. This is in addition to a short-term and an enhanced bonus, which will be paid to all eligible staff. 

Action on sustainability

Intrepid Travel Costa Rica Maleku community visit and reforestation traditional man4
Learn about reforestation and traditions with the indigenous Maleku community in Costa Rica.

The company’s report also shows a year-on-year increase in its carbon emissions and CO2 intensity (per passenger), primarily driven by its recent acquisitions and changes in trip emissions modelling.

Intrepid has developed a decarbonisation roadmap to meet its 2035 science-based targets, recognising the challenge of balancing decarbonisation and business growth.

For the first time, the B Corp also commissioned PwC to provide independent assurance of its environmental performance.

Purpose is good for profit

The Intrepid Foundation Peru Awamaki 6
The Intrepid Foundation partner Awamaki collaborates with female artisans in Peru’s Quechua communities.

Intrepid Travel CEO James Thornton said the results reflect the growing global demand for sustainable and experiential travel and proof that a purpose-led approach is also good for the bottom line. 

“Last year was a phenomenal year of growth and our team demonstrated innovation and determination. This has set the foundation for Intrepid to embark on its journey towards its ambitious future targets,” he said.

“We are now looking to the future with our 2030 strategy. This will see Intrepid carry 600,000 customers, achieve revenue and earnings of over $1.3 billion and contribute 1 per cent of revenue to purpose by 2030.

“That’s our aspiration and how we believe we can create positive change for our staff, travellers and the communities we visit.”

Read the full report here.