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.