July 16, 2024

Business travel bounce back boosts Advantage sales

TMC members of the Advantage Travel Partnership grew their combined business travel sales turnover from £3bn to £5.7bn year-on-year.

The consortium, which released its year-end financial results for 2022/23 this week, said business travel came back strongly during the year, as more companies resumed in-person meetings and events.

By the close of the financial year booking volumes across the sector finished at 92% of those seen in 2019.

Total global sales turnover across the membership grew to £15.6bn, of this £7.6bn represented sales turnover from UK members – £5.7bn from business travel and £1.9bn from leisure travel bookings.

The group reported a net profit before tax for the year of £1,181,020 (2022: £619,815) from continuing operations and net assets at year-end of £7,253,047 (2022: £5,842,283). 

The overall financial results represented the highest level of profitably since the appointment of its incumbent CEO Julia Lo Bue-Said.

Chairman Steven Esom said: “This significant increase in group revenue demonstrates not just the commercial success of the business during 2023 but positions us well for our ambitious growth plans for the future as more businesses look to join the group in order to capitalise in its market leading commercial and product services as a one stop business hub.”

Lo Bue-Said added that Advantage has strengthened its Global Business Travel division, building its commercial product portfolio and the number of airline partners it features within the Advantage Air Programme.

Andrea Caulfield-Smith joined as the group’s new Managing Director Global Business Travel earlier this year. See our Q&A with her soon after she joined.