Lacey Pfalz

by Lacey Pfalz
Last updated: 10:00 AM ET, Thu March 21, 2024

The world’s largest adventure travel company and certified B-Corp, Intrepid Travel, published its 2023 Integrated Annual Report, signaling an end to its post-pandemic recovery and noting how it’s created a positive impact around the world. 

Intrepid Travel posted a net profit of US$14.2 million in 2023, and contributed a record $3 million to charitable and community causes. 

Annual Financial Report

Intrepid Travel saw a 68 percent booking increase, and a 113 percent revenue increase. In 2022, it posted a loss of $11.3 million, but in 2023, it reported an EBITDA of $22.5 million, a change of $33 million. This is a strong sign that the post-pandemic recovery period is finally over. 

It also achieved its best-ever people engagement score, raising it from 56 in 2022 to 58 in 2023, adding 1,129 new roles across the business. It met 23 out of 25 key benchmarks for its Ethical Marketing Guidelines and achieved 41 percent online revenue growth year-over-year. 

Sustainability & Community Impact

The tour operator was an early adopter of the United Nations Global Compact Faster Forward initiative under the Climate Action and Living Wage pillars. It paid its first dividends since 2019. 

It also raised $1.8 million for fifty community partners through the Intrepid Foundation and supported a record number of staff volunteer hours logged. 

In terms of sustainability, Intrepid saw an increase in carbon emissions and CO2 intensity per passenger compared to 2022, largely due to a change in trip emissions modeling. The tour operator has developed a decarbonization roadmap to meet its 2035 science-based targets. 

Looking Ahead to 2024

As the tour operator looks to the year ahead, growth is the keyword. Intrepid recently expanded its young adult tour offerings, launching new itineraries and changing the age range for travelers aged 18-35. 

It also announced earlier in the year that it will match up to $650,000 to support communities worldwide through the Intrepid Foundation’s fundraising event. In 2023, the fundraiser generated $1.7 million in charitable giving, which went to disaster relief efforts in Morocco, supporting human trafficking victims in Vietnam and more. 

Late last year, the tour operator also became the first non-hotel travel company to join the World Travel & Tourism’s Hotel Sustainability Basics program. 

“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,” said CEO James Thornton. 

“We are now looking to the future with our 2030 strategy, under the strategic vision: ‘The world needs more Intrepid people’. This will see Intrepid carry 600,000 customers, achieve revenue and earnings of over $1 billion, and contribute 1% of revenue to purpose by 2030. That’s our aspiration and that’s how we believe we can create positive change for our staff, travelers and the communities we visit.”

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