Amadeus ‘cautiously optimistic’ despite falling short of pre-pandemic trading

The GDS and tech giant has released its full-year trading results to December

Amadeus remains well adrift of pre-pandemic bookings and revenues but is making steady progress towards recovery, full year figures released today reveal.

The European GDS ands travel technology giant reported a 91.9% increase in travel agency bookings in 2021 on 2020, although this remained 64.4% down on 2019.

It’s air IT solutions division reported the number of passengers boarded up 22.9% year-on-year, but volumes remained 57.4% down on pre-pandemic performance.

Revenue for the 12 months hit €2.67 billion, up 22.8% on 2020, but down by just over a half on 2019. And profitability as measured by EBITDA remained down 71.9% on 2019, at €627.6 million – a significant improvement on 2020 of 175.5%.

Amadeus reported that it turned around an annual loss in 2020 of €302.4 million to a gain of €44.7 million, a 103.5% decline on 2019 adjusted profit.

Available cashflow stood at €99.2 million, while net financial debt was €3,048.7 million as of December 31.

Luis Maroto, president and chief executive, said he was cautiously optimistic for the year ahead as the recovery from the worst of the COVID pandemic continues.

“Throughout 2021, and despite different waves of the COVID-19 pandemic impacting travel, we saw continued recovery in volume performance, with encouraging positive trends in both air bookings and passengers boarded, across many regions.

“Last year, we remained focused on strengthening our business and continued investing for the future. On the commercial front, we made important progress and signed landmark agreements which reinforce our competitive position.

“Looking at the year ahead, we remain cautiously optimistic about the recovery in travel. The continued trust from existing and new customers in our products and solutions gives us confidence for the future.”