A rise in subscriptions helped the international arm of restaurant booking service Opentable, which is owned by Booking.com, increase its turnover and pre-tax profit during its latest financial year.
The London-headquartered division has reported a turnover of £31.7m for 2023, up from the £29.4m it posted for 2022.
Newly-filed accounts with Companies House also show that its pre-tax profit improved from £1.5m to £2.4m over the same 12-month period.
Opentable was founded by Chuck Templeton in 1998 and is headquartered in San Francisco.
The wider group floated on the Nasdaq in 2009 and acquired Toptable a year later.
A decade ago it was acquired by Booking.com in a move which valued opentable at $2.6bn.
For its latest financial year, the firm’s International arm reported a turnover from restaurant reservations of £21.5m, up from £21.2m, while its subscription earnings rose from £8m to £9m.
The company’s UK turnover increased from £24.9m to £26.4m, from £2.8m to £3m in Ireland and from £1.6m to £2.2m in the rest of the world.
Opentable still facing ‘uncertainty’
A statement signed off by the board said: “There continues to be a challenging global economic climate.
“Despite UK inflation rates dropping significantly to two per cent in May 2024, in line with the government’s target inflation rate, interest rates remained at 5.25 per cent in July 2024.
“This continues to put pressure on consumers and casts doubt around consumer behaviour and their discretionary spending.
“Furthermore, during July 2024, a new government was elected and this brings further uncertainty around their planned Budget and fiscal policies.
“The impact on the company remains uncertain.”
On its future, Opentable added: “The company will continue to invest in new opportunities to facilitate growth across its range of websites and applications.”