Leading European GDS and travel technology developer Amadeus saw revenues slump by 51.4% to €496.7 million in the first quarter of 2021.
However as the quarter progressed the firm reports improved trading as the COVID-19 vaccine programme rolled out across Europe and beyond.
Profitability, as measured by EBITDA, decreased by 84.6%, to €53.7 million while adjusted profit excluding the impact of COVID-related costs contracted by 158.6%, to a loss of €83.1 million.
Travel agency air bookings decreased by 60.3%, to 33.8 million while passengers boarded declined by 66.9%, to 127.2 million.
Amadeus report free cash flow of -€11.9 million, or +€31.4 if implementation costs from a cost-saving programme are excluded.
Net financial debt stood at €3,045.4 million, while liquidity available was €3.8 billion.
Luis Maroto, president and chief executive of Amadeus, said: “In January, the resurgence of the pandemic brought new movement restrictions in many parts of the world.
“However, as vaccination programs gathered pace in certain regions throughout the quarter, we saw an uptick in air bookings and passengers boarded in March.
“Volume-wise it was the best performing month since February 2020. Into April, we have seen further improvement.
“Despite this, we remain cautious as we focus on delivering planned efficiencies and our on-going commercial efforts.”
Maroto added: “During the quarter, we launched new solutions to support the recovery of travel, such as adding health capabilities to our Traveller ID solution, or offering new biometrics boarding at airports, simplifying processes and helping our customers comply with social distancing rules.
“Moving forward, we expect to maintain commercial momentum. This, alongside improving traveller sentiment and the continued progression of vaccination programs around the world, should help us navigate the current situation and will hopefully translate into a more consistent and stronger recovery.”