As publicly traded travel companies continue to report their earnings, we round up the latest reports.
Grab
The Southeast Asia-based super app, which offers mobility, delivery and financial services, increased revenue in Q4 by 310% to $502 million year over year.
Group adjusted EBITDA was a loss of $111 million for the period, and the company reported a loss of $391 million in the quarter.
Revenue for
Grab's
mobility unit increased 78% to $189 million versus the same period in 2021.
Anthony Tan, group chief executive officer and co-founder of Grab, says: “Our 2022 and fourth quarter results demonstrate our commitment to accelerating our path to profitability. In the fourth quarter, we achieved revenue growth of 310% year on year, while improving our group and deliveries segment adjusted EBITDA margins and maintaining regional category leadership across our mobility and food deliveries businesses. We achieved these results by focusing on capturing the rebound in mobility demand, optimizing our costs, reducing our cost to serve and innovating on products and services that drive stickiness and engagement within our ecosystem. As we look ahead, we will remain laser-focused on driving sustainable growth, and improving the efficiency of our ecosystem.”
eDreams Odigeo
Online travel agency
eDreams Odigeo
reported its third quarter earnings for the three months that ended December 31.
The company reported cash revenue margin of €143 million, up 30% on Q3 2022 while EBITDA was €10 million versus a loss of €700,000 year on year.
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Dana Dunne, CEO of eDreams Odigeo, says: “With every quarter that passes it becomes even clearer that our business model is uniquely positioned for long-term success. We have continued to deliver solid growth, making eDO a significantly stronger business even in the context of the external headwinds that our industry has had to weather – from a pandemic to a conflict in Europe or macroeconomic concerns.”
Flight Centre Travel Group
Australia-based corporate and leisure travel specialist
Flight Centre
reported total sales of $6.8 billion for the six months that ended December 31.
Total sales for the company’s corporate travel brands, which include FCM and Corporate Traveller, hit $3.4 billion.
Flight Centre’s leisure brands saw total sales reach just over $3 billion, which represents 44% of the group's total.
The group's EBITDA for the six-month period was $67 million.
Graham Turner, CEO, says: “Flight Centre Travel Group has delivered a solid start to FY23 in an improved, but not fully recovered, trading environment. The sales momentum that helped drive our recovery last year continued throughout the 1H, with total transaction value (TTV) and revenue both tripling compared to the previous corresponding period. In both leisure and corporate, we are achieving our strategic objectives and laying foundations for more meaningful profit recovery in the future. Our corporate business is trading at record TTV levels – ahead of industry growth rates – and winning large volumes of new accounts because of its compelling FCM and Corporate Traveller customer offerings.
“In leisure, our recovery is gaining pace, with the business generating 44% of group 1H TTV – a sharp improvement on its 25% contribution 12 months ago. Lower cost models are gaining scale and capturing a larger share of sales to complement our mass market Flight Centre brand, which continues to resonate strongly with on- and offline customers. Looking ahead, we expect further 2H recovery, and we continue to target underlying EBITDA between $250 million and $280 million for the full year.
“While we continue to monitor market conditions, we are not currently seeing evidence that the recovery is slowing with the leisure business currently trading at post-COVID highs and corporate travel activity escalating after the traditional holiday period.”