Financial Strength Despite Global Tourism Slump: Travel Holdings, Inc., Reports Double-Digit Growth in 2008
In spite of downbeat sales forecasts for the tourism industry in 2008, the growth of Travel Holdings, Inc., proves consumers are willing to weather the global storm, reporting a rise in travel sales, margins and bookings for the fourth consecutive year since forming in 2004. For the more than 2,000 destinations served by the online travel distributor, this translates to a corresponding boost in tourism dollars during the past fiscal year, with...
"We've experienced our biggest year to-date in profit margins, growing more than 40 percent over 2007," states Bob Fischer, Chief Financial Officer for Travel Holdings, Inc. "Since 2006, we've seen our gross sales more than double, a trend that will allow us to keep expanding, making innovative new moves and often nontraditional relationships across all segments of the travel industry in 2009."
This year, Travel Holdings was recognized as the only travel company on the list of Top 100 Inc. 5,000 Companies by Gross Dollars of Growth.
"While others are scaling back, we'll be ramping up with millions of dollars in investments for global supplier partners, consumers and clients," states Uri Argov, President and CEO of the privately held company. "The technology we've put into place guarantees that not a day will go by that Travel Holdings does not generate sales."
Such sales are made through the company's long-standing subsidiaries, which generated more than 3.7 million reserved room nights worldwide. The top 10 destinations booked by global travelers in 2008 include the following, with 55 percent of the top 20 representing international locales in Canada, Dubai, Europe and Latin America:
1. New York, N.Y.
2. Orlando, Fla.
3. Las Vegas, Nev.
4. Miami, Fla.
5. Paris, France
6. London, England
7. Los Angeles, Calif.
8. San Francisco, Calif.
9. Amsterdam, Netherlands
10. Chicago, Ill.
Travel Holdings' wholly-owned subsidiaries include the Last Minute Travel family of brands, LastMinuteTravel.com, LastMinuteTravel.co.il, LastMinuteCruises.com and the new Last Minute Travel Club (www.LMTClub.com); global wholesale travel broker, Tourico Holidays; U.S. travel agent resource, 1MinuteBooking.com; and the backbone of the organization, its travel technology company, Travel Global Systems, headquartered in Tel Aviv.
About Travel Holdings -- http://www.TravelHoldings.com
Travel Holdings, Inc., one of the most distinctive and expansive travel distribution companies in the world, was created in 2004 through the merger of Tourico Holidays, LastMinuteTravel.com and Travel Global Systems (TGS). The company utilizes proprietary technology to supply travel inventory at competitive pricing to all segments of the online travel industry, including retail, wholesale, group, travel agents, corporate and affiliates. The company's core asset is its merchant hotel network, which exceeds 15,000 individual properties throughout North America, Europe, South America and Asia Pacific, supplemented with dynamic packaging from contracts with leading airfare, cruise, car, attraction and transfer suppliers.