The workforce has grown by 200 people and there are new offices in Palma and Alicante
73% of eDreams Odigeo’s revenues during its fiscal first six months, which ended Sept. 30, came from the purchase of post-flight products, such as hotels and experiences.
The financial director of the company, David Elizaga, explained this Tuesday in a press conference, together with the managing director, Dana Dunne, after the presentation of the results for the period, in which the losses were reduced by 36% to 24 million euros.
Dunne was “very proud” of the first-half results and noted that the company outperformed revenues for five quarters compared to the same period in 2019.
He stressed that this growth comes now that the travel market is still 20% below pre-pandemic figures, while the company’s bookings are 48% higher than in 2019 and 50% higher than a year earlier.
FIXED RATE DEBT
David Elizaga explained that the company’s debt is refinanced through 2027 and that everything is fixed-rate, so the balance sheet is “very solid.”
The company has increased its workforce by 200 people, of which 170 have been hired in the last two months, mainly in Barcelona.
eDreams Odigeo has also opened new branches in Palma (Balearic Islands) and Alicante, and increased staff at its offices in Madrid and Porto (Portugal).
SUBSCRIPTION PROGRAM
Elizaga explained that “the foundation” of all of the company’s growth is its membership program, which grows by an average of 479,000 people each quarter.
Customer renewal rate is 2-4% higher than in 2021 and Prime customers book 3.2 times more per year than non-Prime customers.
He also explained that the profitability of subscriptions grows from the second year onward when marketing expenses are no longer included, so the benefit “will adjust as” customers reach their second year of subscription.
