TMC Corporate Travel Management has seen travel demand “remain strong” so far in 2023 with “no signs” that economic factors are impacting the recovery.
The Australian-based company said it had delivered record revenue for the first half of its financial year up to the end of December 2022. Revenue for the TMC was up by 79 per cent year-on-year to AU$291.9 million (€188 million).
CTM added that it was enjoying “strong momentum” for the first half of 2023 due to more travel activity from both new and existing customers.
The company said that its European operations had achieved a record profit in January, despite the month being “seasonally weak” after picking up “significant” client wins in the region.
The TMC expects to benefit from “very strong” growth in Europe in the coming months, with the region set to become the “largest contributor” to the group’s profits in the second half of its financial year.
Managing director Jamie Pherous stressed that the TMC had “largely rebuilt” its workforce following the pandemic in anticipation of a surge in demand for business travel.
CTM added more than 200 full-time employees in the second half of 2022 to take its global staff to above 3,000 people.
“All recognition and development programmes are well under way ensuring a highly motivated team delivering for CTM customers,” added Pherous.
The TMC is forecasting full-year ebitda of between AU$160-$180 million (€100-€115 million) on the “back of new client wins, supply chains stabilising and completing the integration of recent acquisitions”.