Cheapflights parent announces leap in earnings
Cheapflights parent company Momondo Group saw revenues increase 29% in the first quarter of the year to £14.5 million, boosting pre-tax earnings 32% to £3.2 million.
During the period, visits to its websites rose to over 19 million.
International business outside the UK now accounts for 84% of the group’s revenue, it said, up from 74% at the end of the same quarter of 2013.
The London-based group, which bought Danish travel meta technology company momondo in 2011, said its international revenue in the first quarter was up 163%, with the Nordics, Russia, Western Europe and the US all showing strong growth.
It said traffic to its sites in its core markets, including the UK, also continued to grow.
In the past 12 months, momondo has launched dedicated sites in Ireland, Poland, Ukraine, China, Hong Kong and Taiwan.
In total, 40% of Cheapflights’ visits come from mobile devices – with traffic from this channel growing at 40% per annum, it said.
The company expects to roll out a series of new mobile applications and big-data driven search products as part of its "Tech & Visiona Hub" product pipeline over the next 6-12 months, it said.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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