eDreams ODIGEO: Results for the 12 months ended 31st March 2021

eDreams ODIGEO is optimally set for future as it achieves Nº 2 in flights globally and outstanding Prime performance

LONDON, May 27, 2021 /PRNewswire/ -- eDreams ODIGEO (www.edreamsodigeo.com), one of the world's largest online travel companies and the number one in Europe, today reports its results for the 12 months ended 31^st March 2021.

After a challenging year we are now seeing improving trading conditions as pandemic restrictions are easing. Actions taken over the last year to develop the business, without raising capital, have positioned an already market leading and very strong company to emerge from the pandemic as an even better business set to benefit from its scale advantages, its pioneering and very successful subscription product, Prime, and the market's positive structural drivers.

• Trading for the year heavily impacted by travel restrictions
  
  
  
• COVID-19 induced restrictions led to a 79% decrease in revenue.
• Adjusted EBITDA amounted to (- €38.2) million (+ €115.1m in FY20), well managed due to highly adaptable business model.
• Marginal profit (revenue minus variable cost) was €25m positive despite investment in call centre and COVID -19
• Adjusted net income was - €86.8m (2020: +€34.7m)
• Strong liquidity position maintained: €106m at end Marc
  
  
• Accelerating market recovery
  
  
  
• The US market is leading the recovery, with a more advanced vaccination effort Europe is improving rapidly too with vaccination programmes progressing
• We have seen volumes improve month on month: -62% in March, - 51% in April and May -28% (up until the 22nd of the month) compared to FY19
  
  
• Structurally well positioned to maximise the post pandemic opportunity:
  
  
  
• Our pioneering subscription offer, Prime, saw membership grow by an outstanding 58% over the year to 876,000 subscribers and has reached 1 million subscribers in May. 
• We have an unrivalled scale advantage and are now number 2 in the world in retailing flights and have increased our market share in Europe by 6%, reaching 37% in just the last 12 months.
• We have a balanced business with diversification Revenue of 57%, up +4pp year on year
• Positioned for an accelerated online world - mobile bookings rose to 56% of total flight bookings, from 44% last year
  
  
• Our pioneering vision to reinvent travel and travel provision
  
  
  
• We will continue to grow Prime through product innovation and geographic expansion and will achieve our target of 2 million members one year ahead of schedule, before the end of summer 2022.

Dana Dunne, Chief Executive Officer, commented:

"We are coming out of the pandemic stronger with greater growth ahead of us. Our unique subscription programme 'Prime' has already passed one million members and we are set to achieve our goal of 2 million members a year ahead of schedule. 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 our product offering as well as expand geographically. I firmly believe that our business has never been stronger and I am incredibly excited by the opportunity that lies ahead."

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SOURCE eDreams ODIGEO

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