Revenue, underlying EBITDA, and net profit after tax all up for the 12 months to 30 June 2024.
Corporate Travel Management (CTM) has boosted revenue by 9% to $716.9 million and underlying net profit after tax by 22% to $113.3 million for the latest FY reporting period.
Releasing its results to the ASX this morning, the corporate travel business also posted a 21% increase in underlying EBITDA to $201.7 million, and while the numbers reflected steady growth, CTM came up short of bullish expectations predicted for the 12 months ahead in August last year.
Managing Director Jamie Pherous said three main factors were behind the slower-than-expected growth.
These included macroeconomic factors in North America, a change in government policy around the UK Home Office Bridging Accommodation and Travel Services contract, as well as the slowing down of one-off humanitarian projects in the Middle East faster than anticipated during the second half of the year.
The picture in Australia and NZ was moderately pleasing, with CTM growing both revenue and EBITDA by 6% to $169.3 million and $44.9 million, respectively.
More details in today’s issue of Travel Daily.