Beating pre-Covid numbers is good, but not losing tens of millions of Euros would be even better. If eDreams can grow its subscriptions business that may be a possibility.
Spain’s eDreams ODIGEO on Thursday reported an annual loss slimmed by more than a third as the Spanish travel booking company posted a 29% jump in bookings.
Its net loss fell to 43.3 million euros ($47.66 million), the Barcelona-based firm said, while bookings rose to a record high 16.2 million.
The latter was up 42% from the year before the pandemic.
Massive summer air ticket bookings, despite the rising cost of living, and the return of Chinese tourists after the COVID-19 restrictions, have benefited the company, which has also gained market share.
“While the European and global travel markets are still below pre-COVID-19 levels, we have been for seven quarters above pre COVID-19 levels”, CEO Dana Dunne said in a statement.
Global air traffic in March reached 88% of March 2019 levels, the most recent IATA data showed.
The strong recovery was helped by eDreams’ subscription model, through which people pay around 55 euros a year for access to better deals.
The company said it had 4.3 million prime subscribers at the end of 2022 and is on track to meet or exceed its target of 7.25 million subscribers in 2025.
($1 = 0.9084 euros)
(Reporting by Matteo Allievi and Natalia Siniawski; editing by Inti Landauro and Jason Neely)
Have a confidential tip for Skift? Get in touch
Photo credit: Dana Dunne, eDreams Odigeo CEO speaking at the 2019 ITB Berlin Convention. ITB Berlin