By Kevin May | February 22, 2019
Travelport passed the $2.5 billion annual revenue mark for the first time in its history during 2018.
The company posted a 4% increase to $2.551 billion for the full-year but saw net income fall sharply by 46% to $75 million over the same period.
The results for 2018 – its last as public company – come just months ahead of a $4.4 billion takeover by Elliott Management Corporation and others.
The company will be under the full ownership of Siris Capital Group and Evergreen Coast Capital (part of Elliott).
Travelport says it still expects to close the deal in the first half of 2019.
eNett, the wing of the business that has caught the eye of investors in recent years and the subject of much speculation as to what may survive under new ownership, posted a 63% increase in revenue to $315 million during 2018.
The wider Beyond Air reporting line in the company increased revenue by 17% over the same period to $748 million.
Revenue in distribution services for air bookings was flat during 2018 at $1.7 billion, mainly due to the effect from the loss (“agency headwinds”) of a number of key accounts.
Distribution segments booked fell by 2% to 335 million during 2018, with the Asia Pacific region experiencing the biggest fall with 7% and Europe, Latin America and the Middle East/Africa posting 1% increases.
Adjusted EBITDA during 2018 was also flat, coming in at $590 million for the second year in a row.
Gordon Wilson, president and CEO of Travelport, says: “I am pleased to report that we ended the year with all of our full year key financial performance measures either in line with or better than management expectations and guidance.
“We also made significant operational progress across our four customer priorities of delivering superior choice, performance, experiences and intelligence in travel and payments.”
Travelport did hold an analyst call for the 2018 results due to the pending acquisition.
The Bottom Line:
Travelport company released its public fiscal results for the last time in 2018, as it will soon be overtaken by the large private corporations. In this report, the company informed a $2.5 billion annual revenue, crossing this impressive threshold for the first time.
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