Travelport reported a solid first quarter, led by its Beyond
Air portfolio -- particularly its travel payment solutions company eNett, which
had an 81% increase in revenue.
Travelport reported a net revenue increase of 4%, to $678
million. Net income increased 6%, to $59 million. Travel Commerce Platform
increased 5%, to $653 million, while the Technology Services portion of its
business saw a 12% decrease in revenue to $25 million.
Air revenue was down $2 million (a 0.3% decrease) for a
total of $473 million. Travelport said it was impacted by the "loss of a
large travel agency in the Pacific region."
The Beyond Air portion of Travelport's business saw a
revenue increase of 22%, to $180 million, contributing 28% of the Travel
Commerce Platform's revenue. Beyond Air's revenue increase was largely because
of eNett's revenue increase of 81%, to $74 million.
ENett uses virtual account numbers (VANs), automatically
generated MasterCard numbers, that can be used to make payments; unique numbers
are used for each transaction, making VANs a secure form of payment.
During the company's earnings call on Thursday, president
and CEO Gordon Wilson called eNett's first-quarter results a "standout
According to Travelport, eNett's revenue came from "an
increase in the volume of payments settled with existing customers."
With eNett, Wilson said, "We think we are still barely
scratching the surface of potential."
Also on the call, Wilson briefly addressed Elliott
Associates and the nearly 12% stake in Travelport that the company took in
Documents filed with the Securities and Exchange Commission indicated major
changes could be afoot at Travelport as a result, including a sale. Wilson was
mum on any details.