CTM sees green shoots after headwinds in Europe.
Revenue, net profit after tax, and underlying EBITDA in the six months to 31 December 2024 all fell short of Corporate Travel Management’s (CTM) previous corresponding period.
Revenue dipped by 6% to $342.8 million, EBITDA dropped by 23% to $77.4 million, while statutory net profit after tax attributable to owners also decreased by 42% to $28.5 million.
Despite the decline globally, Australia and New Zealand performed better, with revenue of $96.1 million and underlying EBITDA of $28.5 million, up 18% and 53% on the same period last year respectively.
The local result was driven by new client wins and returning customers.
Another positive note was CTM retaining 97% of existing clients during H1 2025, and recording new client wins with an estimated annualised total transaction value of $600 million at 31 December 2024.
As of 14 February 2025, the new client win total had surpassed $880 million.
“Our largest regions of North America and Australia and New Zealand are leading the way, and Europe is now set up for a strong finish to the year as we onboard new corporate clients,” Managing Director Jamie Pherous said.
More details in today’s issue of Travel Daily.