Travel Agents

CTM’s local operations set for solid half-year result despite “patchy” client activity

Huntley Mitchell

Huntley Mitchell

Corporate Travel Management (CTM) expects a combination of new client wins and momentum from wins in the prior financial year to translate into another solid first-half result for its local operations.

The business travel player revealed its forecast for the Australian and New Zealand market at its annual general meeting on Wednesday, despite noting “patchy” client activity in the region.

CTM also affirmed its full-year underlying earnings guidance of between $165 million and $175 million, representing roughly 10 to 16.5 per cent growth on the prior year.

“It is of no surprise that the macro environment is challenging, and we indicated in August we expected this to be the case,” managing director Jamie Pherous (pictured above) said.

“In the face of this, our management continues to execute our strategy, which pleasingly enables me to affirm guidance.”

Historically, CTM has reported higher underlying earnings in the second half of the year compared to the first half.

The company expects a slightly higher performance in the second half of 2020 than the normal range due to improved macroeconomic factors – most significantly, in Europe and Asia – as well as coming off strong first-half and “very weak” second-half performances.

The forecast comes after CTM wrapped up a drama-riddled FY19 on a very positive note, posting double-digit increases in profit and revenue.

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