Independently-owned Intrepid Group has released its Annual Report for 2018, which the adventure travel company says is all part of their commitment as a newly certified B Corp to transparency and public accountability.

The report shares both the highs and lows that the business experienced throughout last year.

In positive news, the business achieved 18% growth in gross revenue, at $402 million. This was met with an EBITDA result of $16.1 million (up 22% from 2017) and more than 430,000 passengers carried across its four tour operator brands.


“In almost every way 2018 has been our best year ever,” says Intrepid Group’s CEO, James Thornton.

“This is our first report as a B Corp and that means we’re even more committed to an honest account of the year. While it’s difficult to admit the things that didn’t go to plan, we firmly believe that transparency makes us a better business.”

Intrepid Group’s CEO, James Thornton


Some of the challenges that Intrepid Group faced include the impact of political events on destinations such as Myanmar and Cuba, expansion in to the Chinese market, the slow strategic implementation of a FIT themed product range, as well as a steeper than expected learning curve for new DMCs in Iceland, Japan, and Costa Rica.

“The biggest challenge facing our business and our industry is sustainable growth,” James explained.

“While growth is nice, it creates a dilemma for anyone who loves travel. Overtourism is a real concern for our industry. We need to work together with communities to provide innovative products that create better places to live and travel.”

To download your own copy of the 2018 Integrated Annual Report, visit

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