ebookers plc (Nasdaq: EBKR, LSE: EBR, Neuer Markt: eb6), Europe`s leading
online travel agency, has announced its financial results for the first quarter ended March 31 2002.
Net cash increases by 2.4m pounds sterling ($2.9m*) quarter on quarter to 22.5m pounds ($32.1m*) (31 Dec 2001: 20.1m pounds, $29.2m*).
Gross sales rise 54% quarter on quarter and 43% year on year to
61m pounds ($87m*) (Q4 2001: 39m pounds, $57m* Q1 2001:
42m pounds, $62m*).
Gross profit increases 36% quarter on quarter and 55% year on year to
6.7m pounds ($9.7m*) (Q4 2001: 4.9m pounds, $7.1m* Q1 2001:
4.3m pounds, $6.3m*).
Total operating expenses decrease by 4% compared to Q4 2001 and 21%
compared to Q1 2001.
, Chief Executive Officer, ebookers plc commented:
“These achievements, especially the increase in cash and an increase in
our organic growth rate, are a result of the benefits of integrating our
“Between August 1999 and March 2001 we acquired 11 companies
including La Compagnie Des Voyages in France in August 1999, Flightbookers plc
in November 2000 and MrJet in the Nordics in March 2001. These acquisitions
have given us the best online merchant product range in Europe, offering major
discounts to our customers. This acquisition and integration process was made
easier by the long experience of our management in European travel”.
He added, “We are now in a strong position to enter another period of consolidation
and are considering the acquisition potential of further substantial companies
in Europe, on the basis that these support the group`s profitability targets.”
Sanjiv Talwar, Managing Director, ebookers plc
“These excellent results show that ebookers has turned the corner, despite
wider problems for much of the rest of the travel industry. We have grown in
sales by 54% quarter on quarter. Organically we have grown 40% year on year, a
sharp acceleration in organic growth on the previous year. We have achieved
operational profitability in the Ireland, Finland, Sweden and the UK. We have
turned the corner on cash also and our net cash balance has gone up
significantly by 2.4m pounds to 22.5m pounds.”
Related stories on ITN:
(19/03/2002) ebookers Set for Strong Growth in 2002
(29/10/2001) ebookers.com Release Results for The Third Quarter
(25/10/2001) ebookers Defies Travel Slump