Travelport sees five months of transaction growth
Tuesday, 18 Mar, 2010
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Travelport has reported five consecutive months of bookings improvement and has pledged to keep investing.
The Galileo, Worldspan and GTA parent reported net revenues of $2,248 million for last year, an 11% drop compared to 2008.
Travelport incurred an operating loss of $499 million, including a one-time, non-cash impairment charge of $833 million.
Excluding the impairment charge, the company generated $334 million of operating income, representing a three per cent increase as compared to 2008.
Travelport achieved adjusted EBITDA of $632 million for the year ended December 31, 2009, down 12% on the previous year.
CEO and president Jeff Clarke said: "Travelport delivered solid results in 2009 despite the difficult market environment for the travel industry.
“During the downturn, we increased our investment in key innovative products, including the Universal Desktop, and in core search and infrastructure capabilities.
“We will continue to invest heavily in these strategic areas in 2010.
“We’re pleased to have seen five consecutive months in travel transaction growth across our business from October 2009.
“Based on the market recovery and our scalable business model, we expect to grow revenues and profits for the full year 2010."
Chief financial officer Philip Emery added: "Travelport continued to show the strength and resilience of its business model in 2009, by generating $239 million in net cash provided by operating activities, as well as $436 million of unlevered free cash flow, which was up from $326 million in 2008.
“This positions us very well for the expected recovery in travel in 2010 and enables us to continue to invest for growth."
Net revenue of $533 million and operating income of $69 million was generated in the fourth quarter of 2009, representing a two per cent and 44% increase, respectively, compared to the same period the previous year.
Travelport, which has a 48% share in Orbitz Worldwide, achieved adjusted EBITDA of $138 million for the three months ending December 31, a decline of seven per cent compared to the same period the year before.
by Phil Davies
Phil Davies
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