Cheapflights’ owner Momondo reports 30% revenue growth

Cheapflights’ owner Momondo reports 30% revenue growth

The owner of travel search brands Cheapflights and momondo has delivered 30% revenue growth in the first half of the year to £42 million.

Momondo Group is forecasting that annual revenues will rise by more than 30% in 2016.

Cheapflights accounting for 41% of total group revenue, with first half growth of 20% year-on-year while momondo grew by 37%.

This came as overall website visits rose by 33% to 187 million with mobile numbers up 63% to more than 50 million at Cheapflights and 40% to 42.2 million at momondo.

No profit figures were disclosed for the first six months of the year.

However, the group cited a focus on international expansion as underpinning the growth.

Chief executive Hugo Burge said: “Our accelerating growth is testament to the re-invention of the group over the last few years and the tremendous work of both our Cheapflights and momondo teams.

“I’m excited that our determined strategy to build products users love and pioneering brands that shape and inspire travel search has helped to drive rapid growth and repeat users for sustainable expansion.

“I’m especially excited to see the growth of hotels for momondo, which is an important area for our business, to complement our fast growing global flights business increasingly based around app and mobile use.”

He added: “We are approaching the uncertainty of Brexit with optimism, investing for the longer term and confident that we will have ongoing rapid growth ahead in the coming years.

“I’m proud to see the group, now a global leader in travel search and arguably one of the most exciting internet businesses in the UK and even Europe, showing exceptional growth at scale.”

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