Opodo has reached profits in 2007 for the first time since its creation, achieving €6.6m net earnings.With double digit sales growth last year Opodo has consolidated a strong position in the European online travel community with sales of over €1.3bn, serving more than 3 million passengers across Europe.
Ignacio Martos, Chief Executive of Opodo, comments: “We are satisfied with the results and delighted to be reporting profit at EBITDA level as well as net profits. This sound and consistent performance is due to the strong team that I inherited when I joined Opodo. Their commitment and expertise has been fundamental to this success. Last year we kicked off an ambitious plan to focus on core business and to simplify the company’s management structure through decentralisation. These plans were executed effectively allowing us to achieve our ambitious goals.”
During 2007 the strategy was to focus on the core business as a leading online travel agency and dispose of ancillary investments. As a result Opodo sold the French tour operator, Karavel to Barclays Private Equity in the summer of 2007 and ceased all non-core activities. The focus on core business was an essential part of the strategy, enabling a concentration of resources in developing and optimising Operations whilst sustaining a significant investment in IT for the next few years.
Opodo intends to maintain ‘state of the art’ technology and develop rich features giving customers in each market, a comprehensive and reliable booking engine, backed up with first class customer service.
Opodo plans to continue double digit growth in 2008. “In uncertain economic times consumers are ever more careful with their money and this is where Opodo can make a real difference, providing a full travel service with the advantage of competitive pricing.” Martos said.