Annual net profits at European online travel group eDreams ODIGEO fell by 52% to €9.6 million.

The figure for the year to March 31 came as the company revealed plans to launch a travel subscription initiative called Prime.

Adjusted net income, which the business said better reflected its real ongoing operational performance, reached €40.2 million, up 25% over the previous financial year.

The parent company of eDreams, GO Voyages, Opodo, Travellink and metasearch engine Liligom, saw adjusted earnings [ebitda] edge up by 1% to €119.6 million over the previous year.

Adjusted earnings of between €130-134 million are expected in the current financial year.

Mobile represented 39% of total flight bookings in the 12 months to March, exceeding the industry average.  

CEO Dana Dunne said: “For the fourth consecutive year, our company has delivered a strong performance and a solid set of results.

“We are proud to have outperformed our full-year guidance while we have continued to successfully execute strategic initiatives that have positioned our business in a much stronger position that will ensure long-term and sustainable growth.

“We are also excited to have achieved important milestones this year, with the completion of the transformation of our company and the launch of Prime, a unique subscription programme for travel.

“The combination of our market-leading mobile penetration, our advanced capabilities in artificial intelligence and the revolutionary Prime offer are an ideal platform from which to launch our next phase of growth.”