CTM reports strong results, expects future records

The business travel management company is converting the recovery of its revenue into net profit..

CORPORATE Travel Management (CTM) is expecting record earnings per share in the 2024 fiscal year, after reporting an FY23 underlying EBITDA of $167.1 million, up from $59.8 million in the prior corresponding period.

CTM reported an underlying NPAT of $92.5 million, up from $19.8 million the year prior, underpinned by a strong balance sheet of zero debt, and $151 million in cash reserves.

Revenue increased by 70% to $660.1 million, exceeding CTM’s previous earnings guidance of $648 million.

The second half of the fiscal year demonstrated strong earnings momentum, with more than $115 million of EBITDA.

The company’s FY24 guidance is predicting an underlying EBITDA of $240 million-$280 million, and an underlying PBTa of $193 million-$233 million, in addition to a record EPS.

CTM also won $2.95 billion of annualised new client wins in FY23, the majority of which are not yet transacting.

Managing Director Jamie Pherous said he is pleased to see CTM successfully converting the recovery of its revenue into net profit.

“Our performance in FY23 validates our successful strategy during the pandemic which has given us a larger global platform,” he said.

“We are taking strong momentum into FY24 with EBITDA averaging $20 million per month and PBTa averaging $16.5 million per month since February 2023.”

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