The world’s biggest corporate travel agency has seen record growth in its customers spending.
In line with (most) other travel industry earnings results, American Express Global Business Travel has seen a significant bounce back over the past few months.
The agency reported a 454 percent increase in total transaction value for this year’s, compared to the same quarter in 2021.
Posting its first-quarter results on Tuesday, it reported transactions of $4.15 billion for the three months ended March 31, compared with $749 million in the prior year’s quarter.
Revenue for the quarter increased 179 percent to $350 million, but it made a net loss of $91 million, a slight improvement on the $114 million loss for the same period in 2021.
As a result of the improved transaction recovery, Amex GBT raised its full-year 2022 revenue guidance by $250 million to $1.75 billion.
Transaction recovery in the last three weeks of April 20224 reached 72 percent of 2019 pro forma, increased 11 points versus the last week of March 2022, the company said.
“We believe we have reached a pivotal moment in the business travel recovery,” said CEO Paul Abbott.
The agency plans to go public later this year by merging with an Apollo Management-backed blank check company.