“Cheapflights has to a degree been a beneficiary of this challenging economic climate”

A media report has highlighted that Cheapflights “has never had it so good”.

Published: 15 Jun 2009

A media report has highlighted that Cheapflights “has never had it so good”.

According to a report filed by telegraph.co.uk, sales are growing at a compound rate of 50 percent a year. Meanwhile, its US site, launched in 2003, saw 100pc-plus growth in April, added the report.

“Cheapflights has to a degree been a beneficiary of this challenging economic climate,” reportedly said CEO Chris Cuddy. “Who doesn’t want a cheap flight right now?”

While the latest published annual figures to December 2007 show sales of £15m, they are currently topping £23m a year, with profits of around £3m. The report added that more pertinent to the industry, Cheapflights drives $2bn of sales its way.

Two things have coalesced to produce this growth. “Users want to search more to get a better deal. Over the last 12 months they have gone from checking an average of five prices to seven,” said Cuddy. “And as airlines have had increasing difficulty filling planes, they tend to spend more money on their advertising. That benefits us as well.”

Read more: Cheapflights

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