Amadeus IT Holding has announced year-on-year financial and operating results for its first half (six months ended 30 June 2010).
The increase in adjusted net profit for the period of 38.0% to reach €246.8m was backed by a growth in revenue of 11.9% to €1,379.3m and an improvement in EBITDA of 19.9% to €556.7m. Consolidated net financial debt as of 30 June 2010 was €2,816.3m (based on covenant definition), representing 2.9x last twelve months’ EBITDA, and down by €472m vs. December 2009.
Both the Distribution and IT Solutions businesses have contributed to the company’s strong performance figures during the first half.
Revenue in the Distribution area increased by 9.8%, rising from €944.9m to €1,037.0m. Year-on-year first half total bookings increased by 8.0%, up from 214.9m to 232.1m, and the volume of air travel agency (TA) bookings increased by 9.8%, up from 183.0m to 201.0m.
The IT Solutions business continued its growth record by increasing its revenue 20.9% during the period, increasing from €248.0m to €299.9m. Passengers Boarded (PBs) increased by 47.2% in the same period, rising from 104.6m to 153.9m as contracted airline migrations were completed successfully.
During the second quarter of 2010 compared with the same period in 2009, Amadeus continued to deliver strong results with an increase in adjusted net profit of 21.3%, up from €97.3m to €118.0m, an improvement in total revenues by 10.4% from €610.6m to €674.0m, and a rise in EBITDA by 14.2% from €242.0 to €276.5m.
David V. Jones, president & CEO of Amadeus, said, “These results are underpinned by an encouraging growth in distribution bookings compared with the same period last year, coupled with the continuing evolution of our IT business. Our transaction-based model is both robust and profitable, and has shown that it can quickly benefit from a recovery in travel worldwide. We look forward to the remainder of the year with confidence.”