June 15, 2024

SMEs lead recovery for Amex GBT

American Express GBT finished 2022 on a strong note with fourth quarter transaction recovery “clearly outpacing the broader market” at 72% 2019.

The TMC noted that its SME customers were leading the recovery, with Q4 SME transactions 21 percentage points above the global and multinational recovery and reaching 82% of 2019 levels, up two points from Q3.

SME new wins value for full-year 2022 totalled $2.1 billion at current recovery levels, with SME win rate and customer satisfaction at “all-time highs”.

“The fourth quarter marks a strong finish to 2022,” said Paul Abbott, Amex GBT Chief Executive Officer. “Record new wins, high customer retention and strong momentum in the SME segment delivered results ahead of our guidance for the year.”

Regionally, the Americas and EMEA continued to improve in Q4. US recovery reached 71% in the fourth quarter but Canada has been slower to recover.

EMEA recovery increased two percentage points versus Q3 to reach 74% of 2019 levels.

Martine Gerow, Amex GBT Chief Financial Officer, stated: “In 2023, we expect to deliver double-digit revenue growth, drive significant margin expansion, and turn Free Cash Flow positive during the year.

“Looking beyond 2023, we remain on track to deliver pre-Covid Adjusted EBITDA of approximately $500 million at an 86% revenue recovery, or achievement of $2.4 billion in revenue. We are executing on our commitments to customers and shareholders, and we are positioned for strong growth in the years ahead.”

Abbott added: “With continued strong revenue growth and the momentum of three straight quarters of positive Adjusted EBITDA, we are well positioned for continued strong growth in revenue, profitability and cash flow as we look ahead to 2023 and beyond.”

See our 2023 TMC Guide