Business Travel Show Europe Kick Off, 23 February,
Global Travel Risk Summit Europe, April 2023,
3rd Annual Sustainable Business Travel Summit
Corporate Travel Management
(CTM) has announced a return to profitability with an underlying EBITDA profit
of AU$13.6 million (£7.2 million, €8.4 million) for the quarter ending 30 June.
This is an AU$19.1m (£10 million, €11.8 million) turnaround on losses in the
The company, which acquired T&T in September 2020, says the return
to profit is “led by the group’s increasing exposure to North America and
Europe where pandemic recovery momentum is growing”. The two regions currently
generate close to 80 per cent of group revenue, up from 72 per cent before
Covid. In the US, CTM revenues grew by 47 per cent
compared with the previous quarter.
CTM managing director Jamie
Pherous said, “These regions have made significant progress in vaccine rollouts
and reopening the economy, which gives us reason to be optimistic about FY22.
“We continue to see encouraging signs that
momentum is building in these regions. July 2021 has delivered a record revenue
“We have successfully integrated the T&T team
into the CTM business, and aligning our operating culture, strategic vision,
and client focus has allowed us to capitalise on the rebound in travel activity
and grow our exposure to the world’s largest travel market.”
The company said the expected opening of “the lucrative
transatlantic and intra-European segments…in the first half of the year to June
2022…should materially contribute to group revenue and profitability in both
CTM forecasts underlying EBITDA to be positive for
the three months to September 2021.