Online travel company sees income plunge
Online travel company eDreams ODIGEO saw its half year net income plunge 46% to 6.5 million euros following the sale of its corporate travel and packaged tours businesses.
The sell-off led to a fall in non-flight bookings of 11%, but the company said the shift in its business model was ‘delivering the desired results’.
Overall bookings rose 3%, adjusting for the sale of the business travel and packaged tours businesses. Mobile bookings accounted for 37% of all flight bookings, compared with 29% the previous year.
Total earnings were up 8% to 58.7 million euros for the six months to the end of September.
The company said it was on track to meet its raised full year guidance of adjusted earnings of 118 million euros.
Chief executive Dana Dunne said: "We are pleased with our performance in the first half of the year, with revenue margin growth of 6% and adjusted Ebitda growth up 8% to 58.7 million.
"Our solid results were driven by our strategy, with good results in mobile leveraging our scale, and our customer proposition.
"In addition we start to see the investments in our change in revenue model paying off, and good progress in our dynamic packages proposition."
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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