Skyscanner quarterly income soars to £2.5m

FLIGHT price comparison service Skyscanner more than doubled its revenues between January and March, on track to reach turnover of some £9 million in the current financial year.

The Edinburgh-based firm, which operates a flight comparison website, said revenues during the first quarter of 2010 amounted to 2.5m, compared with 1.09m during the same period a year earlier. More than 50 million searches were made during the latest period, with much of this activity driven by growth in European markets outside the UK.

A spokesman for the company said the latest figures confirmed Skyscanner's previous projections that revenues would reach between 8m and 9m in the current financial year, which ends in May. This compares with turnover of about 3.5m previously. The company also expects a return to profitability after posting an operating loss of 1.4m last year.

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Market development director and co-founder Barry Smith said the firm would continue to expand its portfolio of websites with this week's launch of Skyscanner Finland, Hungary and Ukraine. Its price comparison services are now available in 20 different languages, with 65 per cent of traffic coming from overseas.

Launched in 2001, Skyscanner was funded in its early years by its founders, including Smith, chief executive Gareth Williams and product director Bonamy Grimes. It received its first external funding in 2007 via a 2.5m investment from Scottish Equity Partners. It now employs 68 people, including 12 staff in Poland.