Welcome!

News Feed Item

Momondo Group Sees Accelerating Growth in Q1 2014 -- Driven by International Meta Search and Travel Product Innovation

LONDON, UNITED KINGDOM and COPENHAGEN, DENMARK -- (Marketwired) -- 04/15/14 --


  • Q1 Meta revenues grow at 116% year-on-year, driving Group increase of 29%
  • International expansion, hotels and mobile channels underpin growth
  • Investment in R&D drives innovative launches, beginning with 'Friend Compass'
  • Group readies push into South America, Asia

Momondo Group Ltd, the travel search pioneer (formerly Cheapflights Media Ltd), today reports its Q1 results for the three months to March 31 2014.

Highlights:

  • Strong traffic across website portfolio with visits reaching over 19m per month
  • Total revenue increases by over 29% to £ 14.5m
  • Q1 EBITDA up 32% to £ 3.2m
  • Benefits of investment in momondo product coming through with revenue up by 101% year-on-year, to £ 7m
  • International business (markets outside the UK) now accounts for 84% of revenues -- up from 74% at the end of Q1 2013

Momondo Group total revenues in Q1 increased by more than 29% to £ 14.5 million, driven by product innovation, an international marketing push and a successful product launch pipeline, which has seen the roll-out of a series of new apps, mobile-optimised services and country-specific sites in Europe and Asia-Pacific over the past 12 months.

The London-based group, which bought and invested in Copenhagen-based travel meta technology company momondo in 2011, has seen explosive international growth, with more than 84% of group revenues now generated outside the UK -- and a global footprint taking in more than 20 languages.

Overseas growth and expansion has been the engine of transformational change, driving international revenue up 163% in Q1 2014 -- with stand-out performances in the Nordics (83%), Russia (138%), Western Europe (142%) and the US (125%). Further underpinning this, new dedicated site launches in the last 12 months have included Ireland, Poland, Ukraine, China, Hong Kong and Taiwan.

The Cheapflights portfolio also performed well, maintaining strong profitability to pay down the debt used to purchase and invest in momondo. Traffic across the sites -- taking in the core markets of UK, US, Canada and Australia -- continues to grow. Cheapflights.com.au showed the fastest year-on-year growth in visits (+36%) establishing itself as a top ten travel website in Australia in 2013 -- mirroring the performance of its Cheapflights.co.uk business that is already established in the UK top ten. Cheapflights is also a top 20 player in both Canada and the US -- and the largest European online travel player in the United States.

The Group is looking to further build on this success by developing its international footprint in the coming year, targeting expansion in South America and Asia, alongside further build-out of its European business.

As well as expanding its geographical presence, the Group continues to invest in innovative new applications and channels. Today, 40% of Cheapflights' visits come from mobile devices -- with traffic from this channel growing at 40% per annum.

momondo has also expanded its mobile offer, with its flight search product available as an app for iOS, Android and now Blackberry; recording 3.5 million downloads across the portfolio. Its core flights app now includes the pioneering Friend Compass, which synchronises with users' Facebook accounts to enable them to find the cheapest flights to wherever their friends live around the world. This is complemented by momondo places, a free city guide app that enables users to discover the places locals would recommend with a colour wheel that allows users to tailor a guide according to the way they feel -- whether social; fancy; cultural; family; local or romantic.

The company expects to roll out a series of new mobile applications and big-data driven search products as part of its "Tech & Visiona Hub" product pipeline over the next 6-12 months, building on the success of its award-winning Flight Insight tool, which enables users to look behind the factors that influence airline ticket pricing.

To support its continued growth the company has already expanded its headcount by 34% over the past year from 150 to 200 across its main operations in London, Copenhagen and Boston. Looking forward, the Group expects at least a double-digit percentage increase in headcount in the areas of marketing and software development in the coming year to support the roll out of new products and services and underpin continued growth.

Hugo Burge, CEO of Momondo Group, said: "2013 was a tipping point for the Group and the strong numbers for the first quarter of this year reflect our focus on investing for long-term growth. Consistent with this, our momondo unit has shown triple-digit growth year-on-year -- with our established Cheapflights business continuing to deliver impressive returns.

"We will build on this strong first quarter by continuing to develop genuinely insightful, innovative travel search tools that deliver clear consumer benefits -- as well as investing heavily in international growth. We're looking forward to revealing further innovative eye-opening products this year and expanding into new markets; sharing our expertise to help people find cheap flights and best-fit travel options."

Alan Martin, CFO of Momondo Group, added: "We have spent the last two years investing in and building our momondo unit; this is now bearing fruit in both product and revenue terms, with successful diversification into new areas such as hotels. Strong cash generation has allowed us to support this investment at the same time as paying down our debt. Profitability also continues to improve, with Q1 earnings before interest, tax, depreciation and amortisation 32% ahead of the prior year at £ 3.2 million.

"These results herald the next phase of our growth strategy as we look to further build market share in Europe, Asia and further afield. This is a dynamic business, built on innovation -- but we operate in a fast-moving sector and remain committed to driving expansion; investing for growth in 2014 and beyond."

Momondo Group: "Let's Open our World."
Momondo Group is an online travel media and technology company that is driven by the belief that an open world is a better world. The portfolio of sites now attracts over 17.5 million visits a month -- plus 7 million travel newsletter subscribers -- via its Cheapflights (http://www.cheapflights.co.uk/) and momondo (www.momondo.com) brands.

Skygate began the sourcing of complex air-travel data in 1992, whilst Cheapflights pioneered the online comparison of flight deals for users in 1996 and momondo launched meta-search in the Nordic countries from 2006.

The Group has offices in London, Copenhagen, Boston and Toronto, with a consumer base across more than 29 core international markets and engaged travellers, explorers and holiday-makers all over the world.

Corporate website and further information about Momondo Group: www.momondogroup.com

For further information please contact:

FTI Consulting
Charles Palmer
Managing Director
Chris Lane
Senior Director
Sebastian Mathews
Senior Director
E:[email protected]
T: 020 3727 1000

Ben Rosier
Global Head of PR, Momondo Group
DD: 020 3219 7553
Mobile: +44 (0) 77 4025 1147

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Daiya Industry will exhibit at the Japanese Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ruby Development Inc. builds new services in short period of time and provides a continuous support of those services based on Ruby on Rails. For more information, please visit https://github.com/RubyDevInc.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
SYS-CON Events announced today that Evatronix will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.
As businesses evolve, they need technology that is simple to help them succeed today and flexible enough to help them build for tomorrow. Chrome is fit for the workplace of the future — providing a secure, consistent user experience across a range of devices that can be used anywhere. In her session at 21st Cloud Expo, Vidya Nagarajan, a Senior Product Manager at Google, will take a look at various options as to how ChromeOS can be leveraged to interact with people on the devices, and formats th...
First generation hyperconverged solutions have taken the data center by storm, rapidly proliferating in pockets everywhere to provide further consolidation of floor space and workloads. These first generation solutions are not without challenges, however. In his session at 21st Cloud Expo, Wes Talbert, a Principal Architect and results-driven enterprise sales leader at NetApp, will discuss how the HCI solution of tomorrow will integrate with the public cloud to deliver a quality hybrid cloud e...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
Is advanced scheduling in Kubernetes achievable? Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, will answer these questions and demonstrate techniques for implementing advanced scheduling. For example, using spot instances ...
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
SYS-CON Events announced today that Taica will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Taica manufacturers Alpha-GEL brand silicone components and materials, which maintain outstanding performance over a wide temperature range -40C to +200C. For more information, visit http://www.taica.co.jp/english/.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
SYS-CON Events announced today that SourceForge has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SourceForge is the largest, most trusted destination for Open Source Software development, collaboration, discovery and download on the web serving over 32 million viewers, 150 million downloads and over 460,000 active development projects each and every month.
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities – ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups. As a result, many firms employ new business models that place enormous impor...
SYS-CON Events announced today that TidalScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale is the leading provider of Software-Defined Servers that bring flexibility to modern data centers by right-sizing servers on the fly to fit any data set or workload. TidalScale’s award-winning inverse hypervisor technology combines multiple commodity servers (including their ass...
As popularity of the smart home is growing and continues to go mainstream, technological factors play a greater role. The IoT protocol houses the interoperability battery consumption, security, and configuration of a smart home device, and it can be difficult for companies to choose the right kind for their product. For both DIY and professionally installed smart homes, developers need to consider each of these elements for their product to be successful in the market and current smart homes.
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.