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Travel technology company Travelport has reported losses and a smaller than expected increase in revenue for the last quarter of 2014.
According to its annual results the group reported a loss of $43 million and an increase in revenue of 3 per cent to $496 million for the quarter ending December 31.
"These financial results seal a transformational year for Travelport," said president and chief executive Gordon Wilson.
“Central to these trends are the innovations that we bring to our industry, including most recently our industry-defining Rich Content & Branding merchandising solution for airlines. With such investments, a transformed capital structure and the resolution of two key legacy contracts, Travelport is well positioned for 2015,” Wilson added.
For the year, the company reported profit of $86 million with revenue at $2.15 billion.
Last year, Travelport floated on the Stock Exchange and raised $480 million after its offering of 30 million shares and Wilson said the company is starting to see significant returns on the investment.
“With a 7% increase in hospitality segments booked per 100 airline tickets issued in the fourth quarter, and a nearly 60% increase in revenue from eNett over the same period, we are starting to see strong and progressive returns on the focused investments that we have made,” he said.
In 2006 Travelport was acquired by Blackstone and Technology Crossover Ventures (TCV) for $4.3 billion.
The private equity-backed firm, which owns global distribution systems (GDSs) Galileo and Worldspan, then sought a London listing for the company in 2010, but suspended it after volatility in the financial markets.