Expedia: Profit more than doubles as UK sales surge as travel demand returns
The UK arm of Expedia saw its profit more than double as its turnover surged by almost £60m during 2023, it has been revealed.
According to newly-filed accounts with Companies House, Expedia achieved a pre-tax profit of £52.6m in the year, up from £26m.
Its turnover also surged from £280.6m to £337.9m.
Expedia generated a turnover of £77.5m in Europe, excluding the UK, in 2023, up from £39.2m.
Its turnover from the rest of the world also increased from £241.3m to £260.4m.
During the year the average number of people employed by the division rose from 1,472 to 1,652.
Expedia ‘witnesses healthy recovery of travel demand’
A statement signed off by the board said: “In 2023, the overall reopening of the Asia-Pacific region and general recovery outside of the United States was a factor in the gross bookings year-over-year growth rate for the Expedia Group and we expect that to remain the case for future periods.
“We have witnessed a healthy recovery of travel demand, which remains strong and is attributed to consumers prioritising spend on travel and experiences over other discretionary spending.
During the year Expedia paid a dividend of £11m after not issuing one in 2022.
The wider US-headquartered group reported a revenue of $12.8bn (£9.9bn) for the year, up from $11.6bn (£9bn), and an adjusted EBITDA of $2.6bn (£2bn), up from $2.3bn (£1.7bn).
At the time Peter Kern, vice chairman and CEO of Expedia Group, said: “We delivered on our full year guidance and drove record results, all while completing a massive transformation and navigating the inherent volatility that comes with that.
“Our work is finally starting to deliver results, and we are in the best place we’ve ever been technologically.
“Moving forward, we are now able to execute without the numerous constraints we have faced in recent years.
“We will continue to focus on acquiring and retaining the right customers, driving share growth in our B2C and B2B businesses, and providing the best product and partner experience in the industry.
“It is really exciting to be in position to go back on offensive and lead the industry.”