Online travel group eDreams ODIGEO has reported a net loss of €124.2 million for the year to March 31 as the pandemic took its toll.

It said trading for the year was “heavily impacted by travel restrictions” and revenues plunged by 79%.

However, it said: “After a challenging year we are now seeing improving trading conditions as pandemic restrictions are easing.

“Actions taken over the last year to develop the business, without raising capital, have positioned an already market-leading and very strong company to emerge from the pandemic as an even better business.”

It said the US market is leading the recovery, thanks to its advanced vaccination programme, adding that Europe is “improving rapidly” as its vaccination programmes are progressing.

Volumes have improved each month, from being -62% in March, – 51% in April and -28% up to May 22, compared to 2019.

Its new subscription offer, Prime, saw membership grow by 58% over the year to 876,000 subscribers and it reached one million subscribers in May.

Dana Dunne, chief executive, said: “We are coming out of the pandemic stronger with greater growth ahead of us.

“Our unique subscription programme Prime has already passed one million members and we are set to achieve our goal of two million members a year ahead of schedule.

“We continue to increase our competitive advantage and take market share from our competitors and are the clear leader in Europe and the second in the world in the flight retailing business.”