MADRID, May 26 (Reuters)Spanish online travel group eDreams ODIGEO EDRE.MC said on Thursday its net loss narrowed by 47% in the year to March 31 as bookings surpassed pre-pandemic levels.

Bookings rose to 12.5 million, more than three times as many as in 2021 and up 10% on 2019, before the COVID-19 pandemic ravaged the travel industry.

The company’s net loss fell to 66 million euros ($70.46 million) and its revenue margin, its top line indicator, jumped three-fold to 383 million euros.

Despite the rising number of bookings, eDreams, which charges airlines a fee proportional to the travel price, remained in the red as flight prices were much lower than before the pandemic with more short-haul flights and fewer passengers.

The company’s strong bookings recovery was helped by its subscription model, through which people pay around 55 euros a year for access to better prices.

The company had 2.9 million subscribers as of May 17, three times as many as a year earlier, and expects to reach 7.25 million in 2025.

While subscriptions are common in other industries, such as music, television and telecoms, eDreams is a pioneer in developing it for the travel industry.

By 2025, eDreams targets cash earnings before interest, taxes, depreciation and amortisation above 180 million euros, up from 44 million in the year through March.

($1 = 0.9368 euros)

(Reporting by Inti Landauro; editing by Jason Neely)

((Inti.Landauro@thomsonreuters.com;))

Source: Nasdaq

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