EDreams ODIGEO doubles profits over summer period

EDreams ODIGEO doubles profits over summer period

Pictured: Dana Dunne

European OTA eDreams ODIGEO saw adjusted net profits almost double for the summer period to €16.6 million.

Results for the half-year to September 30 show an 8% year-on-year rise in bookings due to a “solid performance” in all core markets.

Adjusted earnings [EBITDA] for the six months rose by 22% to €54.1 million.

The company, which completed a refinancing last month, projects 2017 bookings of more than 10.7 million and a 10% rise in adjusted earnings of €105 million.

Chief executive, Dana Dunne, said: “We are pleased with the performance in the first half of the year with solid growth in bookings, revenue margin and adjusted EBITDA.

“Our revenue diversification strategy is already yielding benefits, particularly in our non-flight business.

“As we expected, a combination of price re-orientation and channel mix re-alignment has resulted in slightly slower growth in our flight business.

“We remain confident in meeting our full-year guidance and believe that our strategic initiatives, which are already having a positive impact on the business, will continue to build a much stronger business.”

He added: “Having completed the first phase of our transformation programme in 2015-16 we are now implementing the second phase of our transformation which focuses on constantly improving the experience for our customers, using scale to improve our products and services to further drive longer term growth.”

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