In 2012 Amadeus has successfully delivered against its targets, achieving profitable growth in both its business units.
In general terms, 2012 was a strong year for Amadeus, despite a difficult global macroeconomic backdrop and weak levels of business and consumer confidence. Once again Amadeus benefitted from its successful business model, which provides strong resilience and economies of scale. In addition, our continued investment in R&D and differentiated value proposition allowed us to deliver market share gains, adding new clients to our platform, both in Distribution and IT Solutions.
Our Distribution business continued to grow during 2012, despite the weakness in the distribution industry, driven by our market share gains, leading to a 2.9% booking volume growth, and the strength in average booking fees, thanks to the positive booking mix and positive FX impact. As a result of the above, our revenue increased by 5.8% in the year. Our contribution margin in 2012 was 44.3%, a decrease vs. 2011 as per the outlook provided at the beginning of the year, (also driven by the negative FX impact).