Corporate Travel Management climbs its way back in first half 2022 reportings
Corporate Travel Management (CTM) posted an underlying profit at its half-year results presentation today after the Brisbane-based company posted a net loss of $37.38 million in 2021.
While CTM posted a net loss of $10.04 million in the six months to December, the company recorded an EBITDA of $18.19 million.
The company’s North America operations brought in a 213 per cent increase to $92 million in the first half, with client wins running at an all-time high in the region for the group.
CTM’s acquisition of US-based Travel & Transport in 2020 fortified the company and lifted the group’s scale in North America, the UK and Europe.
CTM is currently in the process of acquiring the business and entertainment travel arm of Helloworld Travel for $175 million. However, this deal was not reflected in the latest earnings result.
“The strategic acquisitions we made during the pandemic have transformed CTM into a much larger business with greater exposure to the North America market which along with the UK market is rebounding sharply,” said CTM CEO Jamie Pherous.
“CTM has a unique combination of personalised service and proprietary technology which is helping our clients adjust with confidence to the increased complexity of corporate travel.
“Revenue in North America is now above pre-CTM COVID levels, pointing to the potential of the business when the travel market fully recovers.
“Because of our expanded global footprint and strong financial position, we are targeting EBITDA of $265 million in full recovery compared with $150 million pre-pandemic.”
CTM estimates it will become the world’s fourth-largest global corporate travel manager once it achieves full recovery.
The travel manager’s fortunes in Europe are also on the rise with record first-half revenue in the region of $43.8 million, up 229 per cent. This led to an EBITDA of $20.9 million for Europe.
CTM’s reporting’s in Australia, New Zealand and Asian regions led to an underlying EBITDA of $900,000 during the first half of the 2022 financial year.
CTM said Australia, New Zealand and Asian regions had experienced a ‘significant bounce back in domestic travel through February.’
The company’s shares were up as much as 6 per cent in early trade following the release of its results.
Email the Travel Weekly team at traveldesk@travelweekly.com.au
Corporate Travel Management CTM EBITDA helloworld travel Jamie Pherous Travel & TransportLatest News
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