Travelport Worldwide Limited Reports Second Quarter and Half Year 2017 Results

Published on : Thursday, August 3, 2017

travelportTravelport Worldwide Limited announced today its financial results for the second quarter and half year ended June 30, 2017.

 

Highlights 

Net revenue increased 1% to $612 million
Travel Commerce Platform revenue increased 2% to $584 million
Beyond Air revenue increased 8% to $160 million, with eNett revenue up 16% to $44 million driven by strong share of business gains from customers in Asia Pacific
Completed sale in April 2017 of 51% ownership interest in IGT Solutions Private Ltd. (IGTS)

 
Net income of $34 million; Adjusted EBITDA increased 6% to $147 million
Net cash provided by operating activities increased 9% to $84 million; Free Cash Flow increased 11% to $60 million

 
Post period-end completed successful repricing of term loans, reducing interest rate by 50 basis points
Full year 2017 net revenue and earnings guidance unchanged; raising Free Cash Flow guidance

 
Gordon Wilson, President and CEO of Travelport, commented:

“We delivered a solid quarter, with top line growth reflecting pressure in certain regional travel markets, the sale of IGTS and the impact of the timing of Easter. Our overall results for the first half of the year were in line with our expectations and our Travel Commerce Platform continues to gain growth momentum, especially in the European and Asian online sectors where we are increasing our share. I am also delighted to confirm that, post period-end, we concluded the renewal of our full content agreement with Delta Air Lines on a long-term basis.

 

“In Beyond Air, we are seeing good progress in hotel and car bookings, and have launched several new digital innovations for our airline and agency partners that bolster our position as the industry leader for mobile travel commerce. Our commercial payments business, eNett, also continues to make excellent progress with both existing customers and new business development. The second half has started well across the group, and we remain on track to deliver our growth targets for the year.”

 

Source:-Travelport

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