Danish travel search engine Momondo is continuing its meteoric rise thanks to financial results that reveal strong growth for 2015.
The Copenhagen-based company enjoyed 63 percent growth in 2015, despite the travel industry facing a challenging year due to low oil prices and terror attacks.
“We are satisfied with 63 percent growth,” Pia Vemmelund, the head of Momondo, told Børsen newspaper.
“We had to endure a lot of things in 2015. We have developed our product, and our improvements mean that people return to us.”
The sterling growth figures are down to the development of a new hotel site, a new app, and TV marketing in several nations – including Germany. This year, the company will hedge its bets on TV marketing in 11 new nations.
Successfully falling short
But despite the growth, Momondo has aimed for better. In 2014, the company launched a three-year plan to reach 1 billion kroner in turnover by the end of 2017.
Those lofty ambitions hinged on annual growth of 100 percent, and following growth of 76 percent in 2014 and 63 percent last year, the goal is looking more and more like pie in the sky.
“We are a company that sets ambitious targets and we know there is always a risk of not reaching the goals we have set,” said Vemmelund.
“The whole idea behind being ambitious and setting high targets is that it forces us to think and act differently. Then we’ll attain results that are better than if we had made a strategy involving 10-20 percent growth.”
Vemmelund said that while Momondo was profitable in certain markets, but not globally, its investors prefer to see growth initially and profit in the long term. The goal was to begin to see profit in 2017.