EDreams Odigeo has reported record booking levels, revenues and subscribers in full-year earnings to March 31.
The company described its Prime subscription service as a “key driver” of its success and said it added 1.7 million new subscribers, bringing the total to 4.3 million.
Cash revenue margin increased 47% to €621 million versus 2022, according to a statement, and revenue margin increased 49% to €569.6 million. Marginal profit was €113 million, up 71% compared with 2022.
Cash EBITDA was just over €84 million for the year, a 91% increase year over year, and included cash EBITDA of €27 million in the fourth quarter. Adjusted EBITDA for the company was €33 million, up from €3 million in 2022.
The online travel agency made a net loss of €43 million, an improvement on the net loss in 2022 of €66 million. Bookings hit 16 million, up 29% on the eDreams’ previous record in 2022.
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Dana Dunne, CEO of eDreams Odigeo, said: "Even with the challenges posed by the market conditions, we continued to outperform the travel industry and significantly improved the profitability of our business, which was mostly driven by our unique subscription platform.
"Our continued rapid growth is not only a testament to our successful strategy but also a source of long-term value for our shareholders, customers, partners and team members. As we continue to lead in travel innovation with a forward-thinking, sustainable and tech-driven business, we aim to push the boundaries of what is possible with technology and revolutionize the broader e-commerce industry, an ever-expanding, multi-trillion euro segment with tremendous growth prospects."