Announces Plans for Further Acquisitions

13th Feb 2004
chairman Allan Leighton has announced that the online travel retailer would continue its acquisition spree as it announced reduced losses in the traditionally weak first quarter. 
  The group reported a Quarter 1 loss per share of 1.78p (Q1 2003: loss 1.61p)
Allan Leighton, Chairman commented:
“The Group has continued to make significant progress in what is our seasonally weakest Quarter.  We expect to see sustained improvements throughout our business as we move forward during the remainder of the financial year.  The acquisition pipeline remains strong and we anticipate further activity during the coming months.”

Brent Hoberman, Chief Executive, added:
“This first Quarter has again demonstrated the robustness of our model with strong organic TTV growth supplemented by acquisitions in a key product category whilst retaining industry leading customer acquisition costs.  The acquisitions have substantially strengthened our hotels offering which in turn is driving a sustainable trend in gross margins. Technology continues to remain a focus for our Group in order to retain our competitive leadership and provide an ever improving experience for our customers and partners.” also revealed that it has a £61.3 million in the bank.


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