Jan 28 (Reuters) - Spanish travel technology firm HBX Group said on Wednesday its revenue grew 1% in the October-December quarter compared to the same period in 2024. The company reported revenue of
HBX Group Reports Decline in Take Rate, Anticipates Tough Q2 Ahead
HBX Group Financial Performance Overview
By Javi West Larrañaga and Gemma Guasch
Take Rate Analysis
Jan 28 (Reuters) - Spanish travel technology firm HBX Group said on Wednesday its take rate slowed down in the October-December quarter compared to the same period in 2024, sending its shares around 3% lower.
Quarterly Forecast and Expectations
The company's take rate —the ratio of revenue to total transaction value— fell 0.9 percentage points year-on-year in the first quarter of its financial year, from 9.3% to 8.4%.
Market Recovery and Challenges
HBX blamed the weaker take rate on slower growth in its mobility and experiences business and on key sales campaigns, though it did not clarify whether this was due to bigger discounts or higher spending to attract customers.
The company, which had tempered its expectations twice for the previous fiscal year, confirmed its forecast for the current one.
It warned the second quarter would be somewhat tougher due to the year-ago period having been exceptionally strong, but said performance should pick up in the second half of the year.
"The way I would think about it: solid start to the year, a little tougher in Q2, but H2 should be making good recovery," Chief Finance Officer Brendan Brennan said during a call with analysts.
Earlier timing of Easter holidays could help boost business in the second quarter, CEO Nicolas Huss added.
NO RESPITE AFTER HARD YEAR
HBX struggled last year to convince investors after its unexciting February listing on the Spanish stock exchange was followed by outlook revisions and a 70 million euro loss in the year that ended on September 30.
Although the shares have steadily recovered, and surged about 30% since the beginning of December, they are still around 30% below their 11.50 euro IPO price.
The travel technology company, which buys hotel lodgings, car rentals and other products and resells them in bulk to travel agencies and retailers, reported a 1% rise in its first-quarter revenue to 170 million euros ($204 million).
Growth was strongest in Spain at 13%, helped by increased demand for regional and domestic travel, though this was partly offset by reduced travel to the U.S., it said.
($1 = 0.8335 euros)
(Reporting by Javi West Larrañaga and Gemma Guasch in Gdansk, editing by Milla Nissi-Prussak and Matt Scuffham)
