Strong FY19 start for CTM
CORPORATE Travel Management (CTM) yesterday issued a trading update, confirming it is expecting its underlying profit for the current financial year to be as high as $150 million - an increase of 20% on 2017/18.
Speaking at an investor conference, Founder and MD Jamie Pherous noted that recent client wins were at “record levels,” while assumptions about client activity and foreign exchange rates “are proving favourable to guidance”.
The forecasts also exclude any future potential acquisitions, which are always on the agenda.
Pherous said the company had experienced a compound annual growth of 37% over the last five years, with recent achievements including the settlement of the acquisition of Hong Kong-based Lotus Travel on 02 Oct.
CTM has already executed a combined organisational structure and business plan for Lotus, with consolidation of operations into a single Hong Kong location before Jun 2019.
The company is also firmly focused on technology, with more than 100 full-time developers in tech hubs in Sydney, the UK, Los Angeles & Hong Kong, working to accelerate speed to market of tailored IT solutions to suit client needs in each region.
Pherous noted that there were currently over six million annual bookings made via CTM- developed online booking tools.