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Published on Thursday, January 31, 2008

Opodo records first profit

European online travel agency Opodo moved into the black for the first time last year since being founded in 2001, with net profits of €6.6 million.

The figure came on sales worth more than €1.3 billion, claimed to represent double-digit growth over 2006, serving more than three million passengers across Europe.

The move came as part of a strategy of focussing on the company’s core business. As a result Opodo sold the French tour operator Karavel to Barclays Private Equity last summer and ceased all non-core activities.  

Amadeus took a controlling interest in Opodo in 2004. 

Opodo plans to continue double digit growth in 2008. 

Chief executive Ignacio Martos said: “In uncertain economic times consumers are ever more careful with their money and this is where Opodo can make a real difference, providing a full travel service with the advantage of competitive pricing.”

He described himself as “satisfied” with the 2007 results, saying: “This sound and consistent performance is due to the strong team that I inherited when I joined Opodo. Their commitment and expertise has been fundamental to this success. 

“Last year we kicked off an ambitious plan to focus on core business and to simplify the company’s management structure through decentralisation. These plans were executed effectively allowing us to achieve our ambitious goals.” 

The company said it intends to maintain ‘state of the art’ technology and develop rich features giving customers in each market a comprehensive and reliable booking engine, backed up by first class customer service. 

by Phil Davies

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