For the third quarter of the fiscal year 2022, eDreams Odigeo continued to see bookings track above pre-COVID levels, thanks in part to its growing subscription program, Prime.
For the third quarter ending December 31, 2021, bookings were 26% above pre-COVID levels, while Prime membership jumped 186% year-on-year to 2.2 million subscribers.
As of February 2022, Prime membership stands at 2.4 million members, and bookings are at 30% above 2019 levels, with daily bookings averaging 4% ahead of October, which has been the European online travel company’s strongest-ever volume of daily bookings for any month.
According to eDreams CEO Dana Dunne, the company is on track to have more than 7.25 million Prime members in fiscal year 2025.
Revenue margin in 3Q FY22 increased 2018% year-on-year, though cash revenue margin was 18% below pre-COVID levels due to coronavirus-related restrictions.
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Cash profit for the period was €31 million, 3.5x the amount in 3Q FY21, while cash EBITDA was €14 million.
Adjusted net income was a loss of €14.7 million versus a loss of €23.1 million in 3Q FY21.
Mobile bookings for 3Q FY22 were up 3% year-on-year and accounted for 54% of eDreams’ total flight bookings.
“EDreams Odigeo continues to outperform the market and its peers, outperformance driven by market leadership and innovation,” says Dunne.
“Our position as a global leader in flights supported by a market leading delivery platform has enabled us to develop our global subscription product, Prime, which is reinventing travel.”