The international travel company BCD Holdings N.V. has achieved its financial targets set for 2008.

Despite a worldwide recession and shrinking margins within the travel industry, BCD Holdings realized increased sales of US$ 15.6 billion in 2008 (compared to US$ 15 billion in 2007) and a 2008 EBITDA of US$ 124 million (compared to US$ 120 million in 2007). From this EBITDA US$ 6 million will be deducted as reorganization costs.

During 2008 BCD Holdings sales grew by more than 4%. Within BCD Travel, the largest subsidiary of BDC Holdings and world’s third-largest global corporate travel management company, this increase was supported in large part to solid growth across national, regional and global client segments, with many customers seeking to consolidate and optimize their travel programs in a challenging economic environment. BCD Holdings’ niche companies, including Vayama, a U.S.-based internet travel company, and Advito, the consultancy division of BCD Travel, also showed strong growth, contributing to the increase in sales.

BCD Holdings companies performed strongly in growth and emerging markets. BCD Travel established owned offices in Austria, Costa Rica and Singapore following the acquisitions of local corporate travel management companies.

In 2008, BCD Travel also generated more than 50% of its sales outside the United States for the first time.

Joop Drechsel, CEO of BCD Holdings, stated: “We are pleased with the results we have achieved, but we are also conscious of the effects of the ongoing worldwide economic decline. By early 2008, BCD Holdings was already preparing for a potential economic downturn by introducing efficiency plans, capitalizing on organizational synergies and establishing hiring freezes. As a result, when business activity began slowing down in October 2008, BCD Holdings’ cost management activities had already taken that decline into account. In 2009, the company will focus on additional cost reduction plans, including reduction in staff, which, unfortunately, will not solely be absorbed by natural attrition. Furthermore, new revenue stream opportunities will be added to ensure a strong foundation as we emerge from the economic downturn.”

Due to the challenges the travel industry faces, and the worldwide economic head wind, the company has chosen not to give an outlook for the 2009 targets.