Online Travel Corporation (OTC) today released results showing reduced losses for the first half of the year 2002.
The company reported a 54% growth in gross sales for the six months to £35.7 million compared to £23.2 million for gross sales in the year 2001.
Gross profit increased by 53% for the six months to £4.9 million compared to £3.2 million in the year 2001.
OTC`s leisure and new media divisions experienced the highest growth rates with sales increasing by 150% to £21.7million.
OTC were the first in Europe to launch Build-Your-Own (BYO) holiday booking technology earlier this year.
They have also announced a successful expansion into Europe and Australia including AOL, Altavista, IOL.
Last month, OTC acquired web-based business travel firm Travelstore.com for 2.1 million pounds, creating UK`s largest e-travel corporate business.
Chief executive of Online Travel Corporation plc, Mark Jones commented:
“The results show a strong performance in a particularly challenging period for the travel
industry. We are pleased with the increase in sales of 150% in our leisure and new media division
and the Group has increased gross margins and operating profits, proportionally reduced costs,
developed exciting new products and successfully integrated acquisitions. We look forward to
seeing the further benefits of our innovations, cost reductions and acquisition strategies at the full
year, and remain watchful of consolidation opportunities in the sector.”
Related stories on ITN:
(27/06/2002) OTC`s Build-Your-Own Launches on Premier Site
(10/06/2002) OTC Acquires Travelstore.com for £2.1million