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Sabre’s revenue let down by GDS
Sabre has reported a 3.5 percent downturn in revenue for 2002, and predicts moderate revenue growth for the coming year.
The revenue in 2002 was $2 billion, down from $2.1 billion the previous year. Sabre blames worse than expected travel demand and venture capital write-downs of around $7 million for the downturn in revenues towards the end of 2002.
Sabre’s GDS business performed least well of its divisions last year, with revenue down five percent year-on-year to $1.6 billion in 2002.
Sabre’s online acquisition, Travelocity.com, bucked the trend, recording positive revenue growth of 2.2 percent year-on-year to $308 million in 2002. The web-based travel booking system, GetThere also showed improvement in 2002, with revenue up 19.6 percent year-on-year to $51 million. In a statement Sabre said this growth was buoyed by a two-fold increase in revenue from corporate business during 2002.
Sabre chairman and chief executive, William Hannigan (pictured) said Sabre’s acquisitions in 2002, which were Travelocity and Site 59 – a website selling lastminute merchant model air, hotel, and car rental inventory – would fuel growth in 2003.
The outlook for 2003 predicts moderate growth of revenue to between $2.1 and $2.2 billion, close to 2001 figures.
Read our previous stories:
26-Nov-2002 Sabre job cuts to hit 1,000
25-Nov-2002 Travelocity improves flight search
10-Oct-2002 Broom to head Sabre’s airline relations
30-Sept-2002 Sabre boosts e-ticketing for UK agents
27-Sept-2002 Sabre names Scandinavian conquest
2-Sept-2002 Sabre on the heels of Scandinavia’s leading GDS
5-Aug-2002 The TravelMole Interview: Chris Kroeger, Sabre
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