Refinance its credit line up to 175 million with the addition of CaixaBank and two foreign banks
eDreams Odigeo plans to make 93 new hires in the coming months for its global workforce, which is around 1,700 employees, of which 1,400 are in Spain and 1,300 in Barcelona, the latter spread over three locations.
This was explained on Wednesday by the company’s financial director, David Elizaga, during the press conference to present the results of the first half of fiscal year 2018-2019, which runs from April 1 to September 30.
Elizaga also explained that the online travel agency has refinanced its line of credit ‘supersenior revolving’ from 157 to 175 million euros with the addition of CaixaBank, JP Morgan and Morgan Stanley, which are added to the five existing banking entities .
The financial director has attributed this refinancing to the growth of the company, and that, consequently, the increases and decreases in cash are greater, as well as the interest of the entities to participate in the line of credit, in his words.
The CEO of eDreams Odigeo, Dana Dunne, who has also presented the results, explained that he is very satisfied with the first semester because, according to him, he demonstrates that his strategy and his investments “are bearing fruit”.
“I am proud that it is the first time that our diversification income is the largest source of the company’s income,” he assured.
Specifically, diversification revenues have been placed as the main source of sales, reaching 41%, and ranking for the first time above traditional revenues (40%), which come from air intermediation, while 19% remaining comes from the suppliers.
For his part, Elizaga has argued that the company’s strategy “is in the way we wanted it to be”, and that they already anticipated that it would have weaker short-term non-financial results.
eDreams Odigeo has recorded a net loss of 16.9 million euros during the first six months of its fiscal year, compared to earnings of 6.5 million a year earlier, something that has been attributed to the investments undertaken to change its model of income to build a “more sustainable” business.
The company achieved an adjusted net profit of 12.4 million in this period, 28% lower than a year earlier, its revenue figure increased by 5% to 267.6 million euros, while reserves They fell by 2%.