The Asia Group's Tong on Trade Tariffs
Kurt Tong, Managing Partner at The Asia Group, discusses the latest developments on the US trade tariffs. He speaks with Shery Ahn and Haidi Stroud-Watts on "Bloomberg: The Asia Trade" on July 11. (Source: Bloomberg)
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LONDON, July 30, 2025 /PRNewswire/ -- HBX Group ( a leading independent B2B travel technology company, today issues a Q3 trading update for the three months ended 30 June 2025. Revenue of €182m, up 3% (6% constant currency) in Q3, 9-month revenue of €501m, up 7% (8% constant currency) showing robust growth Delivering strategic growth with Civitfun acquisition and expansion of The Luxurist into new markets and its integration into the Group's retail platform, Bedsonline Mid to high single-digit TTV growth and mid-single-digit revenue growth now expected for the full year and Adj EBITDA guidance narrowed, reflecting the current market environment and currency impacts Trading performance summary €m Q3 2025 Q3 2024 Change Constant currency change 9m 2025 9m 2024 Change Constant currency change TTV (total transaction value) 2,176 2,063 5 % 8 % 5,546 5,086 9 % 10 % Group revenue 182 177 3 % 6 % 501 468 7 % 8 % Revenue by destination €m Q3 2025 Q3 2024 Change 9m 2025 9m 2024 ChangeSpain 25 24 4 %56 51 10 %Rest of Europe 73 75 (3) %171 161 6 %US 29 30 (3) %92 92 0 %Rest of Americas 23 20 15 %72 68 6 %MEAPAC(1) 32 28 14 %110 96 15 %(1) Middle East and Asia Pacific Consolidated unaudited revenue for the 3-month period 1 April 2025 to 30 June 2025 and 9-month period 1 October 2024 to 30 June 2025 Resilient growth and commercial progress Group revenue of €182m was up 3% (6% in constant currency) in the third quarter compared to the prior period. The later timing of Easter contributed approximately 1% point to growth in the quarter. For the 9-month period ended 30 June 2025, Group revenue grew 7% (8% constant currency). This resilient performance showed the importance of scale and geographic diversification in a challenging market with changes in travel corridors and traveller booking trends in reaction to geopolitical events. TTV (total transaction value) growth was 5% in Q3 (8% constant currency), slightly ahead of revenue growth, in line with the trends experienced in the first half of the year. Growth in Accommodation was mostly driven by volumes, with room nights growing faster than average daily rates (ADRs). This reflected deeper discounting in some markets where demand weakened as well as a change in the geographic mix of activity and currency movements. Actions were taken early in the quarter to capture revenue growth, including targeted geographic expansion, cross-selling and bundling of ancillary products, as well as investment in new products and tactical pricing actions. These actions helped HBX Group outperform the global hotel market[i] in Q3, with 8% constant currency TTV growth well ahead of the 5% market growth. Outlook After a strong start to the year, delivering 12% TTV growth and 10% revenue growth in the first half, trading deteriorated in Q3 impacted by disruption in the macroeconomic and geopolitical environments as well as the translational impact of a weaker US dollar. Reflecting these market-wide challenges and the actions we have taken, we now expect to deliver mid-to-high single-digit TTV growth and mid-single digit revenue growth converting into Adjusted EBITDA growth of at least high-single digit for the full year. Our cash conversion guidance is unchanged at c.100%. We have a clear expansion strategy to use our scalable technology and global B2B network to capture future market growth opportunities and drive profitable growth as the environment stabilises. Our mid-term outlook is unchanged. For the full press release and disclaimer applicable to this information, please visit About HBX Group HBX Group is a leading global B2B TravelTech company that owns and operates Hotelbeds, Bedsonline, Roiback and The Luxurist, among other brands. We offer a network of interconnected travel tech products and services to partners such as Online Marketplaces, Tour Operators, Travel Advisers, Airlines and Loyalty Programmes, destinations and travel suppliers. Our vision is to simplify the complex and fragmented travel industry through a combination of cloud-based technology solutions, curated data, and an extensive portfolio of products designed to maximise revenue. HBX Group is present in 170 countries and employs more than 3600 people around the globe. We are committed to making travel a force for good, creating a positive social and environmental impact. Logo: View original content to download multimedia: SOURCE HBX Group Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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India Eyes Fall Deadline for US Deal as Trump Threatens Tariffs
Indian officials are planning to continue negotiating with the US for a bilateral trade deal by fall of this year even if US President Donald Trump follows through with threatened tariffs this week, people familiar with the matter said. New Delhi is less optimistic about securing an interim agreement with the Trump administration before an Aug. 1 deadline when higher US duties kick in, the people said, asking not to be identified as the discussions are private. If India is slapped with higher duties on its imports this week, officials see this as a temporary measure until talks on a broader bilateral deal are concluded in the fall, they said.
