Travel Daily

CTM’s signs of recovery


coRpoRate Travel Management (CTM) posted a “rapid return” to profitabil­ity in the final quarter of the financial year, recording an underlying EBITDA profit of $13.6 million, a striking turnaround from the $5.5 million loss noted last quarter.

Overall, CTM delivered an EBITDA loss of $7.2 million for the full year, however the company believes the next reporting period will be much brighter as it continues to see a strong recovery in the progressiv­ely restrictio­n-free European and

North American markets.

“Significan­t progress in administer­ing vaccines and reopening the economy in these regions gives us reason to be optimistic about FY22,” CTM MD Jamie Pherous said.

“Jul has delivered a record revenue result during COVID and the integratio­n of Travel & Transport is progressin­g well and has helped us to capitalise on momentum in North America.”

The rebound is a timely one for CTM, which was down across most key metrics for the 12 months to 30 Jun, seeing Total Transactio­n Value (TTV) slide by 65% to $1.6 billion, and a slip in underlying net profit after tax from $28.4m to a loss of $33.4m.

However, CTM has managed to maintain a solid liquidity position despite the challenges of COVID, revealing zero debt and $99 million in cash reserves.

The ANZ region also remained profitable, noting an underlying EBITDA of $7.7 million and $42 million in revenue for the FY.

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