Travel management companies, airlines, hotels and corporate clients are “feeling the pinchâ€, Carlson Wagonlit Travel president and chief executive officer Douglas Anderson said.
Unveiling the group’s half-year financial results, Anderson said the industry was being impacted by an “unprecedented mix of record-breaking oil prices, high inflation and diminishing growth around the worldâ€.
But despite the pressures, CWT said it has won new business worth over US$1.5 billion worldwide, excluding renewals, which is up 47% over the same period.
It also recorded a 16% rise in sales to US$15 billion in the first six months of the year.
In the UK, sales volumes were up 11%, taking total traffic to £597 million.
Newly-awarded sales reached £62 million, more than double the same period in 2007.
Executive vice president UK Andrew Waller said: “‘The first half of 2008 has seen an impressive performance in the UK and we are encouraged by these results.
“There is no room for complacency as economic uncertainty continues to deepen and it is impossible to make accurate forecasts for the second half of the year and beyond, however I feel that we are in a strong position to face whatever challenges lie ahead.’
By Bev Fearis
