Voyageurs du Monde (ALVDM) H1 2024 earnings summary

Executive summary

• Achieved 10.6% revenue growth in H1 2024 to €289.0M, driven by strong performance in tailor-made and adventure travel segments, while cycling travel stabilized after prior growth.

• Generated a profit in H1 for the second consecutive year, despite typically posting losses in this period due to seasonality.

• Business activity slowed approaching summer due to political situation in France, Paris 2024 Olympics, and ongoing geopolitical tensions.

• Completed successful share buyback (OPRA) in July and acquired two cycling travel companies in Norway and Spain.

Financial highlights

• Revenue reached €289.0M in H1 2024, up 10.6% year-over-year.

• Gross margin improved to €93.1M (32.2% of revenue), up from €82.2M (31.5%).

• EBITDA rose 13.8% to €9.6M; EBIT up 12.9% to €6.0M.

• Net income attributable to the group declined 7.3% to €5.5M, impacted by a €1M exceptional loss and higher tax rate.

• Financial result increased to €3.0M from €1.4M year-over-year.

Outlook and guidance

• As of October 6, 2024, bookings for 2024 departures are up 4.9% versus the same period in 2023.

• Full-year 2024 revenue expected to grow by about 5% with a slight increase in EBITDA, barring exceptional events.

• Q3 2024 sales impacted by the Paris Olympics, with a 2.5% decline year-over-year.

• Q4 2024 departures expected to grow 8.8% year-over-year.