‘ Travel, hospitality hit hardest by Covid with large revenue decline’

The tourism, travel and hospitality industries have been hit the hardest by the Covid-19 pandemic, a report by Institute of Management Accountants (IMA) said. Accordingly, the survey report results reflect an across-the-board decline in revenue, with ver y large companies most likely to have experienced a considerable decline in revenue. "Despite the general decline in revenues among firms of all sizes, one-third of our survey respondents felt they were doing better than their competition, and fewer than 10 per cent felt they were lagging behind their competitors," IMA said in a statement.