CORPORATE Travel Management (CTM) recorded a $3.1 million statutory profit in its annual results for the year to 30 June, representing a significant bounce back compared last year, which saw a $55.4 million loss.
The global travel management solutions brand earned a total TTV of $5.07 billion for the financial year – more than three times the $1.6 billion it generated in the prior 12 months, while the underlying EBITDA figure came in at $59.8 million, compared to a $7.2 million loss in 2021.
MD Jamie Pherous attributes the impressive result to renewed growth in the last quarter of FY22, spurred on by the re-opening of global borders.
“The fourth quarter momentum makes us optimistic for the future, and we are pleased that the business has successfully translated that momentum into earnings,” he said.
Pherous also noted that the group’s recovery has been faster than the rest of the corporate travel market due to its increased market share and 97% client retention. “Our customers are embracing the opportunity to return to face-to-face connectivity in a post-COVID world,” Pherous said.
CTM experienced rapid recovery in most regions as corporate travel kicked off again, with over half (56%) of the company’s revenue generated by the North American market, followed by Europe at 22%, Australia and New Zealand at 18%. The Asian market tailed behind at 4%, hindered by China’s continued travel restrictions.
With no debt and $142.1 million cash, CTM is primed to continue its upward trajectory during the post-COVID recovery period and beyond.