FCM expects a significant rebound in its global corporate travel business, targeting 50% of pre-Covid levels by the end of the year.

In a trading update at the end of April, it said it was already trading at 29% of prior year levels globally.

Marcus Eklund, FCM Global Managing Director, said: “Based on early signs that vaccines are effective in preventing symptomatic infection, and with healthy vaccine rollout rates in key markets such as the Australia, New Zealand, the US and UK, we expect health risks to reduce.

“In the absence of disruptions such as new strains, this should lead to an easing of government-imposed restrictions on domestic and international travel, and a partial rebound of the global business travel market by year end. Based on our experiences, travel immediately rises by 20-30% when restrictions are relaxed. A healthier rebound will occur if international borders remain open.”

He added: “Confidence in business travel will fundamentally change as a result of consolidation and structural changes in the market. It is essential for the corporate travel industry to be highly adaptable to rapid change. It must also offer a greater number of services in health, safety and customer communication, and expedite their delivery, to remain relevant in this environment. These are the areas we have focussed on and invested heavily in for the benefit of our customers during the pandemic and during the recovery phase.”