Corporate Travel Management “positioned for recovery” post COVID-19.
Corporate Travel Management has this morning announced its results for the year to 30 Jun, limiting its losses to $8.2 million after “rapidly responding to the impacts of COVID-19 to rationalise the cost base”.
MD Jamie Pherous said revenue during the pandemic had been higher than expected due to the company’s high exposure to domestic essential travel, while the company’s flexible business model and quick response to COVID-19 had enabled full year results exceeding previous forecasts.
“Because we moved early and rapidly with redundancies and other cost reductions, we have been able to stem our losses very quickly, and do not expect any further significant one-off costs in the current FY21 financial year,” he said.
Revenue in the April-June quarter averaged $11.5 million per month, compared to earlier predictions of $2 million to $5 million, and while travel restrictions and border closures had dramatically reduced travel spend during the period, client activity had begun to recover since April.
Pherous said an extended period with no international travel was “likely to create opportunities for industry consolidation,” adding that Corporate Travel Management was “well positioned to pursue any relevant opportunities”.
More details in today’s issue of Travel Daily.