It’s not unusual to hear travel management company executives talk about their small profit margins, but their margins are average to above average compared with like industries. 

TMC profits are, however, sensitive to plenty of external factors the companies cannot control. They remain partly lashed to an industry (airlines) that until recently couldn’t post consistent earnings. Because so much of their cost base is for labor, the levers TMCs can pull when things go south by way of a downturn or loss of a large client are limited and painful.

This baggage . . .

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