CTM raises guidance after strong first half

CTM raises guidance after strong first half
By admin

Corporate Travel Management (CTM) has raised its year end guidance after a strong first half which saw a near 23% rise in pre-tax profit.

The company said organic growth, new client wins and increased productivity were behind the performance.

Pre-tax profits in the six months to December climbed to $5.7 million, up 22.7%, prompting CTM to lift its full year guidance from between 15% to 20% growth in earnings to 20% to 25%. That will push earnings before interest and tax to around $21m-$22m.

Managing director Jamie Pherous, pictured, said he was pleased with the first half result in tough economic conditions.

Its US acquisition performed in line with expectations and is expected to grow in the second half as "synergies start to materialise".

Total transaction value across the firm increased 36.5% to $431m with EBITDA rising 26% to $9.2m.

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