Technology provider Amadeus has recorded double-digit growth across all reported segments demonstrating strong financial performance for the first quarter of 2024.
Financial Highlights for Q1 2024:
- Air Distribution revenue grew by 12.6% to €764.4 million.
- Air IT Solutions revenue increased by 17.0% to €497.0 million.
- Hospitality & Other Solutions revenue grew by 13.2% to €234.9 million.
- Group Revenue increased by 14.1% to €1,496.3 million.
- EBITDA grew by 14.2% to €582.01 million.
- Operating Income increased by 19.1% to €422.1 million.
- Adjusted profit increased by 18.8% to €324.5 million.
- Free Cash Flow increased by 23.1% to €336.1 million.
- Net financial debt was €2,460.0 million at March 31, 2024, representing 1.1 times last twelve months’ EBITDA.
Amadeus CEO Luis Maroto commented on the results, saying, “Amadeus started the year strongly, reporting double-digit growth across all our reported segments. We are also advancing on our strategic initiatives.”
Air Distribution:
Amadeus noted that Air Distribution revenue increased by 12.6% compared to the previous year, reaching €764.4 million. The company added that the growth was driven by positive booking volume growth and an increase in the average revenue per booking.
Despite a 2.8% increase in Air Distribution bookings, the quarter was affected by the negative seasonality impact of Easter and Ramadan festivities.
The Asia-Pacific region was the best performing, expanding by 31.2%. Western Europe and North America were the largest regions in terms of bookings, representing 29.3% and 25.0% respectively.
Amadeus added that revenue per booking increased by 9.5% during the quarter.
Air IT Solutions:
According to Amadeus, revenue from Air IT Solutions grew by 17.0% to €497.0 million. The growth was supported by a 16.3% increase in passengers boarded.
Once again, Asia-Pacific and Middle East and Africa were the best performing regions, delivering growth rates of 21.0% and 29.6% respectively. Western Europe and Asia-Pacific were the largest regions, representing 28.2% and 32.9% of passengers boarded respectively.
British Airways selected Amadeus as its technology partner, choosing Amadeus Nevio to deliver the airline’s Offer and Order strategic goals.
Airport IT:
Amadeus continued to expand its customer base within the Airport IT segment.
During the quarter, the company closed the acquisition of Vision-Box, a pioneer in biometric solutions for airports, airlines, and border control customers.
Hospitality & other solutions:
Revenue in the Hospitality & Other Solutions segment grew by 13.2% to €234.9 million, the company reported. Strong growth was observed in both Hospitality and Payments, supported by new customer implementations and volume expansion.
Remington Hospitality, a U.S.-based hotel management company, expanded its technology partnership with Amadeus to include the business intelligence solution Demand360+.
Amadeus’ payments subsidiary, Outpayce, was granted the eMoney license by the Bank of Spain.
Amadeus acquired Voxel, a leading provider of electronic invoicing and B2B electronic payments for travel sellers and the hospitality industry, on February 29, 2024.
Corporate news:
Amadeus reached the maximum investment under its share repurchase program, acquiring 8,807,000 shares.
An Investor Day will be hosted in London on June 18, 2024, where Amadeus’ senior leadership team will provide a strategic update and share views on the company’s expected evolution.
