The online travel platform eDreams Odigeo has registered losses of 13.9 million euros in the first quarter of its fiscal year, from April to June, a figure less than the 23.9 million negative one year ago, according to the results Presented this Wednesday.
The data is given despite the record of reserves for a quarter and the recovery of pre-covid income. The company recorded 4.4 million bookings in the quarter, the highest number reached in three months and representing 50% more bookings than before the pandemic.
The company’s revenue exceeded pre-pandemic levels by 3%, despite the fact that travel options continue to be affected by the uncertainty derived from covid. Turnover increased by 126% year-on-year, standing at 156 million euros.
“Our business continues to accelerate and prosper as we continue to move towards a more normalized post-pandemic environment, and all this even against the backdrop of the war in Ukraine and rising global inflation,” said Dana Dunne, CEO.
The subscription program continues to increase figures. With it, in exchange for a fixed fee, users can get exclusive offers and discounts. Membership on the subscription platform grew 164% year-on-year to 3.2 million subscribers.
The company has stressed that it has continued to improve its income statement, although it considers that the net profit is still conditioned by the type of trip that customers book, of a lower value, number of travelers and duration than before the confinement. In this sense, he has also highlighted the increase in variable costs, associated with the increase in reserves, as well as the increase in fixed costs due to the 50% increase in personnel.
Looking ahead, the platform is poised for further expansion with selective investments, which will “slow short-term ebitda growth.” The debt was reduced from 425 million euros to 408 million.
