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Amadeus reports increase in profits for first half

Amadeus reports increase in profits for first half

Amadeus IT Holding, parent company of the Amadeus Group, has announced adjusted profit for the first half increased 5.2 per cent to reach €349.6 million.

In the six months ended June 30th, Amadeus saw revenue grow 5.7 per cent to €1,595 million and a 6.3 per cent rise in EBITDA to €646 million.

Consolidated net financial debt was further reduced to €1,320 million as of June 30th, 2013.

This was a reduction of €175 million when compared to December 31st, 2012 and represented 1.15x the last twelve months’ covenant EBITDA.

Luis Maroto, president and chief executive, Amadeus, commented: “Today’s results underline our consistent success in anticipating and developing cost-effective technology that benefits our customers.

“Despite the sector’s considerable technological complexity and economic challenges, our innovation helps customers adapt and compete.”

Consistent year-on-year growth continued in both the Distribution and IT Solutions businesses.

Revenue in Distribution rose by five per cent, to €1,216 million, with the number of air travel agency bookings increasing by 5.8 per cent, to 233 million – backed by a 1.7 percentage points expansion of Amadeus’ market share of travel agency air bookings to reach 40 per cent.

Amadeus received upgrades from two credit ratings agencies during the second quarter.

Moody’s Investors Service rose to ‘Baa2’ (up from ‘Baa3’) the long-term issuer and senior unsecured ratings.

Standard & Poor’s increased its long- and short-term rating to ‘BBB/A-2’ (up from ‘BBB-/A-3’). Both agencies maintained a stable outlook for Amadeus.