CTM cautious despite strong half

CTM cautious despite strong half
By admin

Corporate Travel Management (CTM) has reported a strong first half, recording 45% growth in EBITDA, despite a “slight softening” in client activity in the last quarter.

The corporate travel specialist recorded a $7.3 million EBITDA and $4.66 million statutory net profit after tax for the six months to December 31, representing increases of 45% and 41% respectively on 2010.

CTM’s Total Transaction Value (TTV) shot up 42% on the previous corresponding period taking it to $315.9 million.

Managing director Jamie Pherous attributed the growth to winning new clients, the retention of existing clients and leveraging scale and efficiencies across the board.

The acquisition of Event Travel Management (etm), completed on October 3, had also strengthened the firm’s Melbourne operations, he added.

“The main synergies that exist between the companies have put the integration project ahead of schedule and we are confident the business will fulfil our expectations in the long-term,” he said.

But, despite the increases, the firm stood by its initial full year guidance of 30% to 40% growth on last year.

“While we have had a strong first half, up 45% in EBITDA, we have experienced a slight softening in client activity since October 2011,” he said. “Given the uncertainty in the economy, the board considers it prudent to reaffirm previous guidance.”

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