Leading OTA eDreams ODIGEO has secured extra “financial firepower” ahead of a hoped return of travel from the Covid crisis.

The company has taken further steps with its lenders to provide additional financial flexibility.

Renewed arrangements with lenders on a multi-million euro credit facility have been agreed.

The company reported €106 million liquidity at the end of March, against €122 million in January, including €12 million of interest payments incurred in February.

The owner of brands such as Opodo and eDreams said: “While our trading continues to be impacted by the restrictions caused by Covid-19 in our core European markets, we see continuous improvement in performance.

“In those countries where lockdown measures have already started to ease, like the United States, we see even better improvements.

“Consequently, the board and management team continue to ensure that once restrictions are lifted across our core markets, which is anticipated in the short-term, eDreams ODIGEO will be ready to take advantage of huge pent-up demand in the marketplace and emerge optimally positioned to build market share, revenue and profit.

“Management remains focused on continuing to take the appropriate actions to maintain cash and a strong liquidity position and has taken a prudent approach to the cost base and capital expenditure. As a result, the business has continued to be resilient and has maintained its strong liquidity levels.”

Chief executive Dana Dunne said: “We have maintained very strong liquidity through the crisis and the business has been extremely resilient following the actions taken, demonstrating the business’ flexibility and the strength of its model.

“Our lenders relaxation to minimum liquidity tests underlines our business’ strength and provides optimal financial firepower for when markets fully open.

“With the vaccine roll out firmly underway we are very positive about the future.”

He added: “eDreams ODIGEO stands to be a real and rapid beneficiary of the strong structural drivers that have accelerated dramatically over the last year, such as channel shift to online and mobile, increased importance of leisure travel and strong brands, coupled with our leading-edge product offerings in our mission to reinvent travel.”