CTM reports “solid result” in the face of major headwinds in Europe, US and Asia.
Corporate Travel Management has just released its results for the 12 months to 30 Jun, with TTV up 30% to $6.46 billion and a 12% uplift in statutory net profit after tax to $86.2 million.
The company said it had achieved solid earnings growth across all of its operating regions, despite continuing Brexit uncertainty in the UK, continuing tension from US/China trade talks and the ongoing civil unrest in Hong Kong.
“Despite these external factors, our global strategy delivered good results and provides a strong platform for the future,” the company said.
CEO Jamie Pherous noted organic growth of 16%, with CTM’s client value proposition seen as the catalyst for strong performance. TTV in Australia/NZ rose 16% to $1.3 billion, while North America was up 12% to $1.46m. The group’s Asian TTV surged 70% to $2.52 billion, while in Europe TTV rose 13% to $1.14 billion.
He said the result was underpinned by CTM’s strategy to build and operate customised technology hubs across each operating region. “This has allowed the company to significantly grow market share and increase productivity of its staff,” Pherous said.
More details in today’s issue of Travel Daily.