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September 2022, Virtual
September 29 2022, Virtual
Corporate Travel Management has seen its revenue increase by 24 per cent to £200.4 million as the TMC has continued its global expansion.
Australia-based CTM, which purchased Chambers Travel in 2015 and also acquired Redfern Travel last year, increased its pre-tax profit to £48 million for the financial year to June 30 – up by 34 per cent on the previous year.
CTM said its Europe division saw the highest percentage growth in profit with “adjusted” ebitda of £11.3 million, which was an increase of 202 per cent year-on-year, as revenue rose by 32 per cent to £30 million following the inclusion of Redfern from February 1.
Debbie Carling, CTM’s CEO for UK & Europe, said: “We’re extremely pleased to report such a high level of growth for the CTM Europe business.
“Our experienced and passionate team continue to develop highly customised travel solutions for our UK and pan-European clients, and they are playing a key role in securing global accounts.
“This, coupled with impressive growth in technology uptake, is delivering significant returns for our clients and our business."CTM’S founder and managing director Jamie Pherous said that the company had also enjoyed organic growth alongside its acquisitions.
“We have delivered another great result despite challenges in the global economy,” added Pherous.
“Each region in our network grew significantly above market, demonstrating that our business model and strategic investment decisions are working well for our clients and investors.
“CTM’s global operations have continued to grow, with revenue up 24 per cent (or 31 per cent on a constant currency basis) due to high client retention and significant new client wins, a strong technology infrastructure and the successful integration of businesses, increasing market scale.”