Market challenges fail to halt CTM growth
Corporate Travel Management has reported an underlying after tax profit of $13.1 million, a rise of 16% on last year, despite a deterioration in trading conditions since January.
Total transaction value grew 30% to $884 million while revenue was up 21% to $78.8m. Underlying earnings before interest and tax climbed 20% to $21m.
The result excludes a one-off $700,000 cost associated with acquisition and restructuring in North America.
Including those costs, CTM reported a net profit after tax of $12.4m, up 5% on FY12.
“Our team successfully executed on the key business drivers we can control, allowing us to achieve an underlying EBITDA of $21m, in line with upgraded guidance, despite a softening in the Australian economy and lower average ticket prices experienced in the second half of the FY13," managing director Jamie Pherous said.
CTM’s Australian and NZ business reported like-for-like earnings growth of 10.3% while in North American earnings soared 96%.
The company said current trading is in line with its forecast earnings growth in FY14 of 15-20% “despite tough and uncertain economic conditions, particularly in ANZ”.
Email the Travel Weekly team at traveldesk@travelweekly.com.au
business corporate travel management corprate travel ctm travelLatest News
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