World Travel Centre, a wholesale and corporate agent, reported a 66 per cent collapse in revenues to €71 million last year as the pandemic brought the sector to a standstill.

Business volumes are not expected to recover to 2019 levels for at least three years, according to accounts for the year to October 31.

Covid-related exceptional costs amounted to almost €1.4 million, including a redundancy programme as staffing fell by more than 50 to 137. This resulted in losses of almost €1.7 million before tax in 2020 compared with profits of almost €4 million the previous year.

Aidan Coghlan, group managing director, said the results were “pretty good” in a year when business was reduced to about 15 per cent of normal levels. “Fortunately we