|By Business Wire||
|April 10, 2014 07:00 AM EDT||
Tourico Holidays, a global leader in travel wholesale, today reported financial results for its first quarter of 2014, highlighted by a 79% increase in year-over-year earnings. The company cited a sharp increase in demand from its hotels business – including a 29% surge in hotel bookings and a 25% rise in room nights – as contributing factors to its 27% top line revenue growth. The company also noted key investments made in its distribution technology and in its international sales and group sales teams as primary drivers of its early 2014 growth.
“Over the last several months, we’ve made a significant investment in our hotel connectivity technology in an effort to make it the best in the travel industry,” said Uri Argov, CEO of Tourico Holidays. “We’ve also placed a greater emphasis on customer service by bolstering our group sales teams and doubling-down on our effort to foster growth in emerging international markets. Together, these initiatives have had an immediate impact on our business and are responsible for pacing our rapid growth in the early part of this year.”
Tourico Holidays is in the midst of an aggressive 12-month plan to streamline the distribution of its core offerings – including hotels, flights, cruises, vacation homes, activities and group travel – through improved technology. In March, the company announced that it achieved an industry-best 97% sync rate with top hotel brands – including Hilton, Hyatt, IHG and Choice Hotels – enabling them to extend pricing and availability more accurately to Tourico’s network of more than 800 online retailers around the world. The company is also poised to soon release a cutting-edge group travel bidding engine.
“Superior service and technology go hand-in-hand, and they have been the hallmarks of our business from day one,” Argov said. “We wouldn’t be a billion dollar company today if we hadn’t continually invested in these fundamental areas of our business. While I’m extremely happy with the early results of our efforts, I think there’s still room for improvement, and that the best is still yet to come.”
For more information about Tourico Holidays and its wholesale travel offerings, visit www.touricoholidays.com.
About Tourico Holidays
Tourico Holidays is a leading global travel distribution company that contracts directly with travel providers, such as hotel, cruise lines, attractions, vacation homes, ground transportation and more. Tourico Holidays works on a high-volume, wholesale model to broker this inventory to over 4,600 clients in 100 countries using proprietary technology.