Business travel recovery is on its way back as card spending has recovered following the easing of Covid travel restrictions.
According to American Express Global Business Travel (Amex GBT), in the last three weeks of April card spending reached 72 per cent of 2019 levels, going up 11 percentage points compared with the last week of March.
“With the strong momentum in business travel recovery, new wins and our commitment to providing unrivalled value, choice and experience to our customers, we are confident we are very well positioned for our next phase of growth,” commented chief executive Paul Abbott.
Abbott’s comments come as the company posted its quarterly results, reporting a 179 per cent increase in revenues to $350m.
Following the results, Amex GBT raised its 2022 full year revenue guidance to $1.75bn while its adjusted EBITDA was increased to between $75m and $85m.