have reported strong fourth quarter performance produces solid 2002 results
Commenting on the results, Amadeus President and CEO Jose Antonio Tazon (pictured) said:
“Amadeus ended 2002 with a strong fourth quarter performance, despite the tough conditions in the travel industry overall. Revenue increased by 9.9 per cent to EUR 451 million, reflecting a significant recovery in air bookings which were 13.4 per cent ahead of the fourth quarter in 2001.
“With solid revenue growth and careful cost management, Amadeus has increased its fourth quarter net income by over 330 per cent, which reached EUR 27 million, excluding special items.
“In 2002 revenue increased by 4.0 per cent to EUR 1,856 million. This, supported by a significant reduction in our selling and administration expenses, saw net income rise by 20.5 per cent to EUR 149 million.
“Amadeus continues to outperform the GDS industry in bookings growth, and gained 1.3 percentage points in global market share for travel agency bookings in 2002.
“Our strong full year results clearly demonstrate the inherent strength of Amadeus, in a year when travel declined and when a significant and sustained upturn for our industry remains elusive.
“Against this background of uncertainty and the possibility of war, Amadeus will continue to focus on improving its performance in areas under its control, such as operating effectiveness. In this way we will be better positioned to seize the undoubted opportunities that will surely return, when the industry resumes its long-term growth trend.”