CTM’s EBITDA plummets amid COVID challenges.
Corporate Travel Management (CTM) has reported an Underlying EBITDA loss of $15.7 million for the first half of the 2021 financial year.
Total Transaction Value (TTV) also fell away badly during the period, falling by 88% to $403.8 million, with the local Australia and New Zealand market fairing slightly better, posting a 77% drop to $155.3 million.
CTM also reported being highly leveraged to the US and Europe markets moving forward, which are at this stage far more advanced in their vaccine rollouts than regions like ANZ, with the business forecasting the US market to beat Australia by roughly eight months in achieving pre-COVID herd immunity status.
Despite the challenges posed by COVID, CEO Jamie Pherous said the company was in good shape to take advantage of a resurgence in travel.
“We are positioned to be a significantly larger business post-COVID due to the strategic acquisition of Travel & Transport, the organic growth dynamics we are experiencing and a lower permanent cost base,” he said.
More details in today’s issue of Travel Daily.