Booking.com’s UK arm has seen a sharp increase in salaries and bonuses, reflecting its £50m rise in turnover.
- The company’s wage bill surged from £20.7m to £32.2m in 2023 due to higher compensation for top staff.
- Employee headcount grew to almost 300, aligning with the company’s increased financial performance.
- Despite the revenue growth, pre-tax profits dipped slightly from £40.5m to £36.5m.
- The rise in net stay commission and service fee revenue underscores Booking.com’s successful expansion efforts.
Booking.com’s UK division experienced a notable enhancement in its wage structure following a substantial £50m increase in annual turnover. This financial uplift is mirrored in the company’s wage bill, which grew from £20.7m to £32.2m, primarily due to elevated salaries and bonuses granted to its senior staff members.
This period also saw a staff increase to nearly 300 employees, supporting the enhanced turnover, which rose from £100.6m to £151m according to the latest accounts filed with Companies House. Despite these gains, the pre-tax profits of the UK branch slightly declined from £40.5m to £36.5m, revealing a nuanced financial landscape for the company.
The board detailed a 10 per cent rise in net stay commission revenue, attributed to favourable economic conditions and continuous growth. Furthermore, there was a remarkable 59 per cent increase in ‘cost-plus and other revenue,’ largely attributed to a 207 per cent rise in costs associated with payment service providers – from £8.8m in 2022 to £27.3m in 2023 – and increased employee expenses driven by greater headcount and enhanced remuneration.
Additionally, the earnings before interest, taxes, depreciation, and amortisation (EBITDA) saw a 38 per cent increase, reaching £48.6m, driven by a boost in service fee revenue. These figures collectively contribute to a wider pattern of financial success seen across Booking Holdings, the parent company of Booking.com, which reported a 25 per cent increase in total revenue, reaching $21.4bn for the year.
Booking.com, one of the leading online travel agencies globally, maintains its headquarters in Amsterdam and operates a significant office in Manchester, United Kingdom. Originally established in 1996, it is part of Booking Holdings, which also owns Priceline.com, Agoda, Kayak, Cheapflights, Rentalcars.com, Momondo, and OpenTable.
The substantial increase in Booking.com’s UK revenue and salaries highlights the company’s strategic growth and operational achievements.
