Amadeus sees healthy 2024 travel demand despite slower bookings
July 31 (Reuters) -Spanish travel booking group Amadeus AMA.MC said on Wednesday it still expects healthy travel demand this year and is confident it will meet its 2024 guidance despite an expected slowdown in bookings in the coming months.
European airlines such as low-cost Ryanair RYA.I, Air France AIRF.PA and Lufthansa LHAG.DE have missed or cut earnings forecasts recently amid rising costs and signs the post-pandemic boom in travel is fading.
"We are evolving towards more normalised traffic in the years to come," Amadeus CEO Luis Maroto said on a conference call after the company reported quarterly results that topped analysts' expectations.
He added that even with some adjustments in airlines' total capacity and pricing, the group felt confident about the full year.
In February, the company said it expected 2024 revenue growth of between 11% and 14.5%. Revenue rose almost 13% to 1.56 billion euros ($1.7 billion) in the second quarter, while net profit jumped 25%, supported by revenue growth in all its segments.
Spain's fifth-largest listed company by market capitalisation expects a slower third quarter compared to April-June, but then bookings should bounce back in the last three months of 2024 as appetite for travel remains strong, it said.
Maroto told Reuters that luxury destination demand remains above 2019 levels, although the pace is slowing, and long-haul travel demand remains resilient.
Amadeus said it does not expect any impact on its third-quarter results from the global IT outage which affected numerous industries including airlines earlier this month.
($1 = 0.9223 euros)
Reporting by Matteo Allievi and Jakub Olesiuk, editing by Emelia Sithole-Matarise
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