American Express Global Business Travel (Amex GBT) reported (09-May-2023) revenue increased 65% year-on-year to USD578 million in 1Q2023. Details include:
- Total transactions increased 61% to reach 76% of 2019 pro forma levels;
- Small and medium enterprises (SME) transactions increased 61% to reach 88% of 2019 levels;
- Travel revenue increased 82%, primarily due to growth in total transaction value driven by continued growth in business travel and recovery from residual impacts of COVID-19;
- Product and professional services revenue increased 19%, primarily due to increased management fees and meetings and events revenue driven by strengthened demand.
Amex GBT CEO Paul Abbott said the results were driven by "continued growth in business travel, share gains and ongoing momentum in the SME customer segment". The company expects continued strong results in 2Q2023 and the full year 2023. [more - original PR]