[London, ENGLAND] After announcing what it called
“record” financial results for Q4 and the last year,
pan-European online travel company ebookers.com said
it would seek a listing on the London Stock Exchange.
Currently listed on both Nasdaq (EBKR) and the Neuer
Markt (eb6), ebookers.com believes an LSE listing
will give it access to institutional funds that are
not otherwise available. It plans to retain its presence
on the other markets even though it hopes to start
trading on the LSE by the end of March.
Sales worth US $43.6 million at ebookers.com were up
four times in the fourth quarter when compared to Q4
in 1999. However, losses deepened from US $3.4 million
to US $9.3 million in the same two periods.
For the full year in 2000, ebookers.com achieved
gross sales of US $154.1 million and lost 20 cents
on each share, excluding stock compensation and fund
raising costs.
The whole picture is rounded off by the news that visits
to ebookers.com’s Web sites in 2000 reached over 25
million, a 10 fold increase on 1999.
In a statement, Chief Executive Dinesh Dhamija reminded
investors that ebookers.com was on target and entered
the financial year 2001 with a strong cash balance of
US $50.0 million.
The whole picture, he said, was very different to those
presented by other dot-coms which — unlike ebookers.com —
demonstrated fast deteriorating cash positions.
“In 2001 we intend to increase sales through organic growth
and also through considering acquisitions in key markets,”
said Dinesh Dhamija.
According to a PhocusWright research report, ebookers.com
has become the top online travel agency in Europe, with
a 20 percent market share. During 2000, its most dramatic
business move was taking over its former parent company
Flightbookers plc.
Earlier this month, ebookers.com said it was unaffected
by the decision of Northwest Airlines and KLM Royal
Dutch airlines to stop paying commission for online ticket
sales.
