EDreams Odigeo reports ‘solid’ first-half results

EDreams Odigeo reports ‘solid’ first-half results

Company announces net profit of €11.5m

Leading European OTA eDreams Odigeo moved into the black in the summer half year.

The company today reported net profit of €11.5 million for the six months to September 30 against a loss of almost €17 million in the same period last year.

Adjusted earnings [ebitda] for the owner of brands such as Opodo and eDreams in the period rose by 9% to €57.2 million.

This came as bookings returned to growth to reach 5.8 million, including a rise of 2% in the second quarter of the financial year, covering the peak summer months.

The improvement in performance “reflected the completion of our shift to a new revenue model, with some markets still within the first 12 months of the change and yet to deliver a full period after the migration,” the company said.

Mobile made up 45% of all flight bookings against 42% in the same period last year.

The company said it was on track to meet full year guidance with adjusted ebitda to grow by between 9%-12% to €130 million-€134 million. Bookings are projected to increase from 4% to 7% over last year.

CEO Dana Dunne said: “We are pleased to report a solid set of results, in line with our guidance.

“We continue to make progress building on our strengths to deliver compelling value for our customers, our business and our shareholders.

“Our strategy is reaping rewards as we strengthen an efficient, predictable and diversified business model that generates strong ebitda and free cash flow to be reinvested in long-term sustainable growth supported by a strong balance sheet.

“Also, our unique and revolutionary subscription-based membership programme ‘Prime’ is proving very successful and is growing rapidly with now over 450,000 members across our four largest markets.”