MUNICH, Nov. 30, 2000 (PRIMEZONE) -- With its continued spiraling growth, Germany's leading travel portal Travel24.com AG (Neuer Markt Securities Code No. 748750, TVD) is venturing into new dimensions. In the first nine months of this year net sales grew by 323% to DM 8.877 million. As of 30 September 2000 the consolidated annual deficit amounted to minus DM 19.4 million.
The numbers disclosed for the reporting period confirm the accelerated growth of Travel24.com AG - far in excess of the market average - and are an endorsement of the company's global expansion and investment strategy. This dynamism is also reflected in the expansion of the workforce: The current payroll of 266 represents an increase of 45 compared to the previous year.
Selective marketing activities and cooperation's enabled the company to substantially increase efficiency levels and reduce the advertising budget proposed for the IPO by approximately 50% to DM 20 million for the year 2000 as a whole. Nevertheless, with more than 60 cooperation partners and marketing successes in the TV, print and online sectors, it has meanwhile been possible to raise the familiarity level in excess of target. It is thus hardly surprising that independent market studies have produced extremely positive evaluations in terms of familiarity, affinity and willingness of consumers to use the service. Travel24.com AG anticipates further growth in revenue in the forthcoming 4th quarter, the Group's travel-related sales for the overall business year 2000 being estimated at approx. DM 200 million.
With over DM 82 million in available funds (as of 09/30/2000), Travel24.com is assured of adequate liquidity until well beyond the break-even point and is strategically well positioned to secure for itself an above-average share in anticipated developments in the tourism market of the future.