eDreams Odigeo ended its fiscal year with a 79% decrease in revenue to €111 million.
The drop from €529 million from the previous 12-month period (April 2019 to March 2020) comes despite what the online travel agency group says is a strong position to "ride the industry tailwinds" as the market begins to recover.
Revenues in the first three months of 2021 (its final quarter of the fiscal year) were flat compared to the previous quarter at €30.1 million, representing a 74% slump year-over-year.
Adjusted EBITDA for the full year came in at a €38 million loss (down from a profit of €115 million in the corresponding 12 months beforehand).
The company, which counts flagship brand eDreams, GoVoyages, Opodo, Travellink and the Liligo metsearch sites in the group, says it had a liquidity position of €106 million at the end of the fiscal year in March 2021.
CEO Dana Dunne claims the eDreams subscription service, known as Prime, is the "great growth opportunity" for the business.
Prime, based on Netflix, Spotify and Amazon, the company says, has reached one million subscribers this month, growing some 58% over the course of the last 12 months.
This has come despite a "softening of the demand" due to ongoing restrictions on travel in Europe.
It hopes to reach two million subscribers by September 2022, with dynamic packaging products recently added to the range of services available to users.
Dunne, who believes the business has never been stronger, says: "We continue to increase our competitive advantage and take market share from our competitors and are the clear leader in Europe and the second in the world in the flight retailing business.
"We continue to reinvent travel for our customers and provide innovative solutions for our customers and continue to expand ou product offering as well as expand geographically."