He acknowledged the challenges faced by the industry, saying: "There's no hiding the fact that the event market has been really tough for four or five years." He cited causes including perception issues arising from the negative press surrounding banking bonuses, to companies cutting spend in the face of recession.
"We've had a resilient performance in the financial services sector," he said. He added that while some insurance companies started reinvesting in incentive travel, others were still refraining from spending money on incentives. "It's a very mixed position - a lot of banks are not doing long-haul incentives."