Spain-based online travel agency eDreams Odigeo says it has continued to make progress and boost its subscription service as it reports its fourth quarter and fiscal year 2022 results.
The online travel agency saw cash revenue margin increase 248% to €423 million compared to €122 million in 2021.
Cash profit came in at €107 million, a threefold increase on 2021 and cash EBITDA was €44 million versus an EBITDA loss of €27 million in 2021.
Adjusted net income for the quarter was a loss of €10 million and a loss of €52 million for the fiscal year 2022.
Dana Dunne, CEO of eDreams Odigeo, says, “Throughout FY22, we have continued to make strong progress in revolutionizing travel and reinventing the travel experience through the ongoing success of our global, leading subscription model, Prime, and pre-eminent worldwide position in flight bookings. We have gained market share, further enhanced our proposition and continue to thrive as a global business.
“We see immense potential, for example 225 million households alone in Europe that we have targeted to become Prime customers. We know we will reach our targets for 2025 and this will represent a significant milestone while bringing substantial value to all our stakeholders.
“FY23 has started very well indeed with travel markets opening as the pandemic subsides. eDreams ODIGEO is optimally placed and in pole position to take advantage of the undoubted desire to travel and the continued digitalization of our markets. With FY23 volumes continually at record levels, significantly above 2019, and Prime membership continuing to rapidly grow, we are confident of future success.”
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The company says its Prime membership continues to grow with 482,000 added in the past quarter to bring the total to about 2.9 million.
The company is targeting 7.5 million members in 2025 as well as cash EBITDA of €180 million.
Going forward it expects to grow further by converting more of its 24 million existing customer base who have not signed up, attract new customers and expand geographically. Members receive access to flight and hotel discounts and special promotions, as well as a priority customer service.