A wholly-owned subsidiary of Kerry-based online holiday firm CNG Travel Group has become the fifth largest corporate travel management company in the US.
AIM-listed CNG’s subsidiary Tzell Travel was ranked number five in the US as part of a survey by Business Travel News, a leading trade publication for the US business industry.
Kerry-based CNG listed on the London AIM market in May, raising €33m in the process.
Finbarr Power, CNG’s chief executive, said: “Tzell continues to be a fast growth business in a sector which is dominated by travel giants.
Based upon independently published sales figures by the Administrative Resource Centre (ARC) for corporate travel agencies, for the 2003 calendar year, Tzell sold 511,808 air tickets, grossing US$319,765,137 through the ARC settlement system, making Tzell the fifth largest corporate travel agency in the US. The method of calculation is the first time that any survey has used sales figures from an independent source.
The largest corporate travel agency was Carlson Wagonlit Travel, with 5,153,266 transactions, grossing over US$3bn in revenues, followed by WorldTravel BTI, with 5,031,869 transactions and US$2.9bn of revenues. CNG Travel Group has a preferred supplier agreement with Carlson and a 15-year exclusive joint venture WorldTravel BTI (where CNG owns 25pc of the joint venture).
Power continued: “The Business Travel News survey, which for the first time uses accurate sales figures, has confirmed that Tzell is now a rapidly growing travel business and a major player, having moved from 12th place to 5th place within a year.
In view that CNG has significant relationships with Carlson and WorldTravel BTI, as well as other significant international agencies, CNG is confident of making further progress in the current year,” Power said.
By John Kennedy