EDreams Odigeo says it has recovered above pre-COVID levels in both bookings and revenue as it reports results for the first quarter of the fiscal year 2023, the three-month period from April through June.
The Spain-based online travel agency says it has hit “all-time records” in bookings and revenue and that its performance is predominantly driven by its Prime subscription service.
In Q1 of the fiscal year 2023, eDreams reported 4.4 million bookings, its highest ever in a quarter and 50% up on bookings pre-pandemic, according to the company.
Cash profit for the quarter was €34 million, almost double that of the Q1 2022 fiscal year figure of €19 million, while adjusted EBITDA was up to €600,000 from a loss of €1.9 million a year prior.
Cash revenue margin was €159 million, up from €74 million year-on-year.
Adjusted net income for the quarter was a loss of €12 million compared to a €16 million loss year-on-year.
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The company says it is on track to achieve its three-year goals of in excess of 7.25 million Prime members and cash EBITDA of €180 million. For the quarter, cash EBITDA, which includes Prime fees pending to be accrued, is up 349%.
The number of Prime members currently stands at 3.2 million members with the company adding 560,000 members in the quarter.
Dana Dunne, CEO of eDreams Odigeo, says: “Our performance in the first quarter is yet more evidence of how our business continues to accelerate and thrive as we move toward the post-COVID world, even with the Ukraine war and the global increase in inflation.
“With the current macroeconomic context, consumers will now seek even more value, choice and flexibility for their travels, which is precisely the key proposition of our overall business model and, in particular, of our subscription program, Prime. We are on track to meet our 2025 targets and are confident that we will continue to grow and outperform the market as we have consistently done throughout the pandemic.”