Corporate Travel Management posts record 1H23 results

Corporate Travel Management posts record 1H23 results

Corporate Travel Management (CTM) has posted a large boost in EBITDA, TTV and revenue for the first half of the 2023 financial year.

The company reported $51.3 million EBITDA for 1H23, up from $18.2m in 1H22, and an 102 per cent increase in its TTV over the same period.

CTM has also boosted its underlying profit before tax (PBT) and net profit after tax (NPAT), which the company cites as evidence of “business as usual” conditions and cash flow generation.

On 31 December 2022, the group had no debt and $110 million in cash with strong operating cash flow generation expected.

“It was pleasing to deliver a record TTV and revenue result in 1H23, noting this half included an additional $8.4m charge for excess staff capacity held to be ready for a further expected 2H23 recovery,” CTM managing director, Jamie Pherous, said.

“This is a one-off investment; thankfully, we are seeing strong  momentum into 2H23 through significant new clients transacting and activity recovery. We expect to utilise this staff investment to service our customer growth imminently. 

“As a result, we are guiding to an FY23 underlying EBITDA1range of $160-$180m, and an underlying PBT2range of $120-$140m. Both would be record results for CTM, exceeding FY19 (pre-COVID).” 

CTM has agreed on a 6.0c interim dividend (unfranked), payable on 14 April 2023.

The full-year guidance delivers a 2H underlying EBITDA result of $109-$129m which would ensure great momentum for the expected FY24 full recovery. CTM expects a higher revenue/EBITDA margin  in 2H23 due to further supply chain stability, positively impacting productivity and revenues.

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