Intrepid Travel has shifted into top gear, claiming second place on The Australian Financial Review’s Fast 100 list for 2024. With a compound annual growth rate (CAGR) of 394.51% over just two years, this Melbourne-based business is blazing a trail for purpose-driven companies proving profit and impact can go hand in hand.
For CEO James Thornton, the milestone reflects decades of persistence and innovation.
“We joke that it’s almost like we’ve become a 35-year-old overnight success story,” he said. But behind the numbers, he says, is a company that has built its reputation — and now its growth — on knowing exactly how to meet the needs of today’s travellers.
Thornton attributed the growth in part to the post-pandemic travel boom and expanding offerings to include premium travel experiences, food tours in Vietnam, India, and Morocco, and family-focused trips.
He explains that a pivotal moment for Intrepid was setting up around 30 wholly or partially owned destination management companies, moving away from the industry norm of relying on outsourced local travel contractors.
“By doing that we could get a better-quality product, make a stronger margin and employ local people ourselves directly,” Thornton told AFR.
Where it all began
Founded in 1989 by Darrell Wade and Geoff Manchester, Intrepid Travel began with small-scale, low-impact trips primarily to Africa designed to immerse travellers in local cultures. Today, the company operates more than 900 trips across 100 countries and is forecasting a staggering $630 million in revenue for 2024.
Wade, who is chairman, and Manchester, non-executive director, are still actively involved in the business.
Profit with purpose
While rapid growth can sometimes compromise a company’s values, Intrepid has doubled down on its commitment to doing business differently. The company recently achieved paying a living wage across all its global offices, a milestone that reflects its B Corp certification and dedication to social responsibility.
Intrepid’s not-for-profit arm, The Intrepid Foundation, directs funds to local organisations in the destinations where the company operates. By 2030, the company has pledged to contribute 1% of its revenue to purpose-driven initiatives.
“This milestone proves that purpose and profit can thrive together,” Thornton said.
“We’re eager to grow into the world’s first $1 billion adventure travel company within five years.”
This year, the top spot on the Fast 100 list for established companies goes to Medevac Flights, an air medical assistance provider founded by a former Deutsche Bank investment banker, boasting 707% growth.
Intrepid Travel recently celebrated its 35th anniversary with a gathering in Melbourne attended by travel industry leaders and partners. At the event Thornton highlighted Intrepid’s transformation from a niche adventure operator to a leader in sustainable travel, attributing this growth to a commitment to sustainability, responsible tourism, and community engagement. Looking ahead, Intrepid plans to expand its global presence by opening ten new country offices within the next year, focusing on Europe, Asia, and Latin America.
In line with its mission to use travel as a force for good, Intrepid aims to acquire 20 properties over the next three years, expanding from its current portfolio of three. These eco-friendly accommodations will serve as hubs for environmental education and community connection, reflecting the company’s dedication to conscious tourism.
