AGM Statement

Online Travel Corporation PLC 20 March 2002 Wednesday, 20 March 2002 ONLINE TRAVEL CORPORATION PLC AGM Statement and Trading Update Online Travel Corporation plc, ('OTC') the travel technology and distribution group, today announced that all resolutions were duly passed at its Annual General Meeting. The Chairman, Tommaso Zanzotto also announced the continuing recovery of OTC from the most turbulent period in the history of the travel industry, with an increase of sixty five percent in gross profit in the quarter to 31 January 2002 over the same period in the previous year. The Chairman commented, 'The increase in gross profit in the first quarter is an indication of the recovery we have experienced from the events of September 11. We look forward to reporting our progress to becoming a major profitable e-travel service provider.' Mark Jones, CEO, commented, 'We are showing impressive gains so far this year, generating over 4.2 million unique visitors in the first quarter alone and almost double the number of transactions compared to the same period last year. The low prices on offer from travel suppliers through our sites have reduced the average sales value per transaction, so we are encouraged by the overall growth in gross profit of sixty five percent. The growth came from many of our thirty plus sites we operate under our own brands, plus enhanced services to sixty plus travel sites that we operate for clients including BT, Freeserve, Tiscali, Virgin.net and The Telegraph. During the first quarter we also launched new sites with Associated New Media, TV Travel Shop and The Mirror and we are scheduled to launch new services in the current quarter with The Guardian, Nationwide and The Times.' Jones also commented on the increase in customers transacting online. 'We are particularly pleased with the increase in the number of online transactions. Eighty percent of our transactions in the first quarter were initiated online, and some forty percent were completed online. We expect these results to continue to benefit from our Build-Your-Own holiday technology which allows an increasing conversion of these online users to transacting customers.' OTC also announces the resignation of two Directors. Alan Judd, Executive Director and former Chairman, did not seek re-election at the AGM and accordingly ceases to be a director of the Company with immediate effect. The Chairman and CEO commented, 'We would like to thank Alan, who as a founder and former Chairman has made an enormous contribution to building OTC, and we look forward to his continued contribution in the future.' Kyril Saxe-Coburg, a Non-Executive Director, will resign with immediate effect. 'Kyril has contributed to the development of OTC over the past eighteen months for which we are grateful and we thank him for his counsel' said the Chairman and CEO in a joint statement. END For further information contact: Online Travel Corporation Plc Mark Jones, CEO Tel: 00 44 (0) 208 607 9281 Noble & Company Limited Chris Barker Tel: 00 44 (0) 207 367 5600 Durlacher Limited Matthew Robinson Tel: 00 44 (0) 207 459 3600 About Online Travel Corporation, plc OTC is a travel technology and distribution business, providing a comprehensive range of technological solutions, travel products and ancillary travel services to ISP's, Media and Affinity Groups and Corporate Organisations. It provides bespoke technology solutions linked to its wide product range to produce a one-stop travel service through the Internet, supported by telephone call centres for leisure and corporate clients to fulfil their travel needs. OTC provides a comprehensive range of travel products and ancillary travel services and is both a travel agent and tour operator. OTC strategy focuses on low-cost routes to market with lower customer acquisition costs compared to that of a mass-market consumer brand and is focused on selected business areas. OTC has launched over 100 travel sites in the past two years and via these partner sites has access to a potential customer base to over 16 million online users. Travel sites operated for clients include Btopenworld.com, freeserve.com, tiscali.co.uk, telegraph.co.uk, virgin,net, mirror.co.uk, guardian.co.uk, times.co.uk, and thisistravel.com for Associated new Media. Own brands include bargainholidays.com, ifyouski.com, a2btravel.com and ferrybooker.com. OTC is quoted on the Alternative Investment Market of the London Stock Exchange. Additional information is available at www.onlinetravelcorporation.com. This information is provided by RNS The company news service from the London Stock Exchange
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