eDreams ODIGEO confirms earnings plunge
Online travel agency eDreams ODIGEO saw pre-tax earnings plunge 10% to €52.6 million during the six months to the end of September, when bookings were down 2% to 5.8 million.
The group said its bookings performance reflected a focus on ‘high quality sustainable business’ with higher revenue on fewer bookings.
Non-flight bookings were up 3% and non-flight revenue margin was up 11%, which was mainly driven by the sale of dynamic packages and car rental.
Mobile bookings were up from 37% to 42% of the total in the second quarter of the 2019 financial year.
CEO Dana Dunne said the first half performance was in line with expectations, adding: "In the first six months of the year, we have continued to deliver against our strategy of investing in our revenue diversification model and improving price transparency for our customers."
"Our results are in-line with expectations for full year guidance, as financial performance has slowed in response to changes to our revenue model.
"Better attachment of our flight ancillaries and growth in our dynamic packages has continued to drive positive revenue margin growth and we are confident of further growth opportunities as we continue to add new products and services to our offering.
"Following a successful refinancing earlier in the year we are in a sound financial position and looking ahead we remain committed to delivering the best service to our customers so that we can meet all of their travel needs."
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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