Introduction & methodology

For the past few years, 2019 was the year that everyone wanted to get back to. Research carried out for BTN Europe’s leading travel management companies rankings for 2024 suggests we may have finally stopped looking in the rearview mirror and many people now say that 2023 is their benchmark.

Certainly, the numbers that have emerged from this comprehensive piece of research show that many TMCs across Europe have emerged from the shadow of the pandemic and posted figures that are comfortably ahead of the PC (pre-Covid) era. In some cases this has happened more quickly than many would have believed possible.

However, drilling down into the figures shows that things are not all that they seem. While sales volumes have recovered, the number of business trips and transactions has not grown at the same rate. In some countries, these are still some way below PC levels. How come? The answer is inflation. Business travel costs have been driven higher, with both companies and individuals paying more for their travel. Have we moved into an era where travel is permanently more expensive? There will certainly be pressure from travel suppliers to keep their fares and rates high.

Other trends have emerged. Consolidation continues, with the largest getting larger by gobbling up smaller competitors. Even the larger TMCs are getting into the consolidation game as the economic ripples from Covid continue to emanate across the sector. Speaking to TMCs shows that confidence is higher than it has been for some time. Back to business as usual then.

REPORT METHODOLOGY
The annual Europe’s Leading TMCs report from BTN Europe is compiled from information supplied from travel management companies during the period from March to June each year. The information is gathered through a comprehensive questionnaire that we review each year for its relevance.

We would like to thank all of those TMCs who have completed the questionnaire and answered follow-up questions. For the second year running, we have asked TMCs for information on their environmental, and diversity and inclusion policies. And with technology being such an important part of what a TMC does today, we have also asked for more information on technology strategies and the provision of NDC content.

The report includes rankings of the largest TMCs in seven key markets in Europe: Benelux, France, Germany, Italy, the Nordics, Spain and the UK. We have also analysed those entries to create an overall ranking of the top 50 TMCs across the whole of Europe. As you’ll see, this feature agencies that operate in multiple markets across the continent but also some that specialise in just one or two. In addition, the report also includes a ranking of the specialist TMC networks and consortia with a European presence.

Every year, despite encouragement and persuasion, some TMCs are unwilling to supply us answers to every question for this supplement, including the key financial statistics that we use to rank TMCs. A few years ago we took the decision to include all of the major TMCs in this ranking, regardless of whether they supplied the necessary information. This means that for some TMCs, we have to make estimates of certain key figures, notably the gross sales figure, rather like the compilers of the Sunday Times Rich List do. These are clearly marked.

We make these estimates as rigorous as possible. This involves looking at the company registers in all of the countries in the report, and scouring the trade and business press in countries across Europe to find statements by TMC executives about their organisation’s sales volumes. We also use historic ratios of revenue to gross sales to make estimates. It is also worth noting that to compare figures we have used average annual exchange rates between the key currencies. While it would be ideal to have everyone provide audited figures, we believe this is the most pragmatic solution.

We believe that the figures we use reflect the state of the market. However, we recognise that the ranking may not completely reflect the true state of business. We therefore encourage all TMCs in the ranking, as well as those who are not included and who believe they should be, to share their details with us so they can be included in future editions. Email Mark Frary, the report’s author, for more information.

NEW ADVISORY BOARD
This year, we have also appointed an advisory board to help guide the production and development of the Europe’s Leading TMCs report. Business Travel News Europe would like to thank Alexandre Veau of Impact Consultants, Tom Drexler and Jens Vongehr of The Travel Consulting Group in Germany, Rosemarie Caglia of Travel for Business, Clive Wratten of The Business Travel Association and former general manager of the Swedish Business Travel Association Lotten Fowler for their input into this research.