Amadeus Reports Q1 Results

Amadeus has reported year-on-year financial results for the first quarter (three months ending 31st March 2010) that show an increase in adjusted net income of 58.1% to reach €128.9m, backed by a growth in revenues of 13.4% to €705.3m and an improvement in adjusted EBITDA by 26.1% to €280.3m.

 This continues Amadeus’ trend for steady growth, following an increase in adjusted EBITDA every year between 2004 and 2009.

Year-on-year the adjusted EBITDA margin grew from 35.7% to 39.7% and the adjusted EPS increased by 58.2% to €0.361 per share. Net financial debt was down by €120.3 million at 31st March 2010.

This steady growth is underpinned by double digit increases in both the Distribution and IT solutions businesses. Revenues within the Distribution area increased by 12.4% whilst the volume of air travel agency (TA) bookings increased by 9.6% in the first quarter of 2010, primarily driven by the performance of emerging markets (Middle East and Africa, CESE and Asia Pacific).

 The IT Solutions business grew its revenues by 17.9% during the period, continuing its track record of solid growth as contracted migrations took place.

President & CEO of Amadeus, David Jones, said, “Our year-on-year growth of total revenues by 13.4%, increased adjusted EBITDA of 26.1% and substantial growth of net income by 58.1% to reach €128.9m is further proof of the strength and profitability of Amadeus’ transaction-based business model. We are encouraged by the recent industry-wide increase in global air traffic and travel bookings and this is a strong indicator of our growth potential as the global travel industry continues to recover.”

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