Business Travel News
Business Travel News
  • SECTIONSOpen Menu
    • Transportation
    • Lodging
    • Payment & Expense
    • Technology
    • Distribution
    • Meetings
    • Global
    • Management
    • Travel Procurement
    • Voices
    • Recent Issues
  • VOICESOpen Menu
    • Expert Q&A
    • Podcasts
    • OpEds
    • What to Watch 2022
  • RESEARCHOpen Menu
    • BTN's 2022 Essential OBT Guide
    • Corporate Travel 100
    • Corporate Travel Index
    • Expense Manager Report
    • Small & Midsize Enterprise
    • Salary Survey
    • Strategic Meetings Report
    • VIEW ALL
  • WEBINARSOpen Menu
    • View All Webinars
  • EVENTSOpen Menu
    • Webinars
    • Business Travel Hall of Fame
    • Business Travel Intelligence Summit
    • Business Travel Lodging Summit
    • Business Travel Show
    • Business Travel Tech Talk
    • Business Travel Trends Forecasts
    • DEI Symposium Series
    • Entertainment Travel Summit
    • Global Travel Risk Summit
    • Government Travel Summit
    • Innovate
    • Strategic Meetings Summit
    • Sustainable Business Travel Summit
    • VIEW ALL EVENTS
  • RESOURCESOpen Menu
    • Business Travel Buyer's Handbook
    • Business Travel Buyer's Techbook
    • Corporate Travel Index Calculator
    • Data Sources: The Reference Guide
    • White Papers & Case Studies
    • Influencers
    • Webinars
    • Videos
    • Hotel Search
  • SECTIONSOpen Menu
    • Transportation
    • Lodging
    • Payment & Expense
    • Technology
    • Distribution
    • Meetings
    • Global
    • Management
    • Travel Procurement
    • Voices
    • Recent Issues
  • VOICESOpen Menu
    • Expert Q&A
    • Podcasts
    • OpEds
    • What to Watch 2022
  • RESEARCHOpen Menu
    • BTN's 2022 Essential OBT Guide
    • Corporate Travel 100
    • Corporate Travel Index
    • Expense Manager Report
    • Small & Midsize Enterprise
    • Salary Survey
    • Strategic Meetings Report
    • VIEW ALL
  • WEBINARSOpen Menu
    • View All Webinars
  • EVENTSOpen Menu
    • Webinars
    • Business Travel Hall of Fame
    • Business Travel Intelligence Summit
    • Business Travel Lodging Summit
    • Business Travel Show
    • Business Travel Tech Talk
    • Business Travel Trends Forecasts
    • DEI Symposium Series
    • Entertainment Travel Summit
    • Global Travel Risk Summit
    • Government Travel Summit
    • Innovate
    • Strategic Meetings Summit
    • Sustainable Business Travel Summit
    • VIEW ALL EVENTS
  • RESOURCESOpen Menu
    • Business Travel Buyer's Handbook
    • Business Travel Buyer's Techbook
    • Corporate Travel Index Calculator
    • Data Sources: The Reference Guide
    • White Papers & Case Studies
    • Influencers
    • Webinars
    • Videos
    • Hotel Search
Business Travel News
  • Business Travel News on Twitter
  • Business Travel News on LinkedIn
  • Business Travel News on Facebook
  • SECTIONS
    • Transportation
    • Lodging
    • Payment & Expense
    • Technology
    • Distribution
    • Meetings
    • Global
    • Management
    • Travel Procurement
    • Voices
    • Recent Issues
    Subscribe to NewslettersBTN DailyBTN GlobalBTN Travel ManagementTravel Procurement
    Subscribe to Print IssuesBusiness Travel NewsTravel Procurement
  • VOICES
    • Expert Q&A
    • Podcasts
    • OpEds
    • What to Watch 2022
    Tripism CEO Kerr Assesses Travel Management EvolutionTripism CEO Kerr Assesses Travel Management Evolution
    Bryan LeibmanNewly Acquired by JPMC, Frosch Goes Into Growth Mode
    Viktor NekrylovDRCT Aims to Bridge Airline, TMC Connections
  • RESEARCH
    • BTN's 2022 Essential OBT Guide
    • Corporate Travel 100
    • Corporate Travel Index
    • Expense Manager Report
    • Small & Midsize Enterprise
    • Salary Survey
    • Strategic Meetings Report
    • VIEW ALL
    Annual Supplier Ratings• Car Rental Survey & Report• Hotel Survey & Report• Airline Survey & Report
    Special Reports• The Mechanics of Sustainble Business Travel• Pandemic-Era Traveler
  • WEBINARS
    • View All Webinars
    How to Inflation-Proof Your Travel Program

    Tues., July 12 at 12pm ET / 9am PT
    Sponsored By: TripActions

    Managing Events in Today's Realities

    Weds., July 20 at 1pm ET / 12am PT
    Sponsored By: Cvent

    Mastering Mobility: Control Costs and Other Travel Program Pain Points

    Tues., July 26 at 12pm ET / 9am PT
    Sponsored By: Deem

  • EVENTS
    • Webinars
    • Business Travel Hall of Fame
    • Business Travel Intelligence Summit
    • Business Travel Lodging Summit
    • Business Travel Show
    • Business Travel Tech Talk
    • Business Travel Trends Forecasts
    • DEI Symposium Series
    • Entertainment Travel Summit
    • Global Travel Risk Summit
    • Government Travel Summit
    • Innovate
    • Strategic Meetings Summit
    • Sustainable Business Travel Summit
    • VIEW ALL EVENTS
    2nd Annual DEI Symposium Series

    Virtual Event Series - June 21 & July 13

    38th Annual Travel Manager of the Year Awards

    San Diego, CA - August 16, 2022

    4th Annual Business Travel Lodging Summit America

    InterContinental Times Square - New York City,

    5th Annual Strategic Meetings Summit London

    etc.venues Monument - London, 26 September 2022

  • RESOURCES
    • Business Travel Buyer's Handbook
    • Business Travel Buyer's Techbook
    • Corporate Travel Index Calculator
    • Data Sources: The Reference Guide
    • White Papers & Case Studies
    • Influencers
    • Webinars
    • Videos
    • Hotel Search
    BTN CTI Calculator

    Filter in or out as many as 200 cities, as well as hotel and car rental class and meals of the day and watch as the per-diem calculator automatically adjusts per diems to your program. Drill down into cost breakdowns and export the results.

  • Business Travel News Supplier DirectorySUPPLIER DIRECTORY
T R A V E L   P R O C U R E M E N T

Procurement

Amex GBT Notes Corp. Travel 'Resilience' in Omicron Recovery

By Michael B. Baker / March 07, 2022 / Contact Reporter
Share

American Express Global Business Travel's transaction volume in February climbed back to more than half of its pre-pandemic level as part of a "strong recovery" from the Covid-19 omicron variant, the travel management company reported.

In advance of its plans to go public later this year, Amex GBT reported 2021 financial results on Monday, showing total transaction value of $6.8 billion for the year, up 14 percent compared with 2020. Travel revenue in 2021 was down 5 percent year over year to $446 million, and product and professional services revenue declined 2 percent year over year to $317 million. 

Total transaction volume in 2020 had declined 71 percent year over year, but Amex GBT CFO Martine Gerow noted yield was higher in 2020, which benefited from pre-pandemic-level travel at the beginning of the year in addition to servicing charges from the cancellations that followed as the pandemic began.

In the fourth quarter, which included figures after Amex GBT completed its acquisition of Egencia, total transaction value was up 488 percent year over year to $2.8 billion, with travel revenue up 244 percent and product and professional services revenue up 31 percent. Amex GBT CEO Paul Abbott in an earnings call said the TMC ended the year "on a high note" despite the emergence of the omicron variant, which hurt volume in December and January

“Corporate travel volumes have shown a lot more resilience and a much faster recovery rate from the omicron wave, as governments and businesses have adopted a more pragmatic response that recognizes the transition to the more endemic state," Abbott said. "We actually passed the omicron volume trough in mid-January, only about four to six weeks after the initial outbreak."

In the last week of February, transaction volumes were at 51 percent of 2019 levels, and total transaction value was at 45 percent of 2019 levels, he added.

Amex GBT also has seen growing demand for meetings and events as corporations around the world reopen offices, Abbott said. As of the beginning of March, forward bookings for meetings and events were at 63 percent of 2019 levels, he said.

The TMC reported a customer retention rate of 95 percent in 2021, which Abbott said was higher than pre-pandemic levels. He listed Hewlett Packard Enterprise, Standard Chartered and Palo Alto Networks as "notable [client] wins" last year, as well as Raytheon Technologies and Ferrero Group this year.

Amex GBT reported a net loss of $474 million in 2021, an improvement from a net loss of $619 million in 2020.

More Procurement
Related
CAPA, Envest Global Benchmark Airline Sustainability for Corporate Buyers

Building on the joint CAPA-Envest Airline Sustainability Benchmarking Report released last fall...

JetBlue Again Sweetens Spirit Bid as Vote Looms

JetBlue Airways on Monday again upped its offer to acquire Spirit Airlines, days before Spirit...

Spirit Backs Frontier's Sweetened Merger Offer Over JetBlue's

Ongoing bidding war for Spirit Airlines heated up again this weekend, giving an edge to Frontier....

Sponsored Content

We’re making history by making our carbon history
We’re making history by making our carbon historyBy United Airlines

We’re going beyond traditional carbon offsets and taking a more direct approach to making sustainable aviation the norm. KEEP READING

Duty of Care Due Diligence Requires Wider Scope
Duty of Care Due Diligence Requires Wider ScopeBy Qatar Airways

Travel professionals must do everything they can to demonstrate due diligence and widen the scope of what they do in the name of duty of care. KEEP READING

Don't Let NDC Take a Backseat in 2022
Don't Let NDC Take a Backseat in 2022By FCM

Get ready to tailor travel programs by leveraging NDC with your partners in 2022. KEEP READING

More Procurement

JetBlue Ups Ante Again to Acquire Spirit
Choice to Acquire Radisson Hotel Group Americas
Sonder Restructuring to Include Layoffs, Growth Limits
Spirit Airlines Postpones Frontier Merger Vote

VIEW ALL
Subscribe to Our

Free Newsletters

pixel2

Click Here for our Terms and Conditions and Privacy Policy.

Business Travel NewsBusiness Travel News
  • About Us
  • Contact Us
  • Advertise
  • Editorial Calendar
  • Business Travel News on Twitter
  • Business Travel News on LinkedIn
  • Business Travel News on Facebook
BUSINESS TRAVEL NEWS
NORTHSTAR TRAVEL GROUP
Business Travel News
  • About Us
  • Contact Us
  • Advertise
  • Upload Print Ad Material
  • Purchase Reprints
  • Editorial Guidelines
  • Subscribe to BTN
  • Subscribe to Travel Procurement
  • Subscribe to Newsletters
  • BTN Europe
  • Privacy Policy
  • Terms & Conditions
Business Travel News
Business Travel News Travel Procurement The Beat
Northstar Travel Group
  • Retail Travel
  • Travel Weekly
  • Travel Weekly Asia
  • Travel Weekly China
  • TravelAge West
  • TravelPulse
  • TravelPulse Canada
  • TravelPulse Quebec

  • Hotel Investment
  • Burba Hotel Network

  • Travel Technology
  • Inntopia
  • Phocuswire
  • Phocuswright
  • Web In Travel
  • Meetings & Incentives
  • Northstar Meetings Group
  • Meetings & Conventions
  • Meetings & Conventions China
  • Meetings & Conventions Asia
  • Meeting News
  • Successful Meetings
  • Incentive
  • SportsTravel

  • Data Products
  • Agent Studio
  • AXUS Travel App
  • Intelliguide
  • travel42
Northstar Travel Group
Copyright ©2022 Northstar Travel Media, LLC. All rights reserved.    100 Lighting Way Secaucus, NJ 07094-3626 USA | Telephone: (201) 902-2000
RRManagement rrtestprocurement