June 15, 2024

Account wins and strong demand boost CTM earnings

Significant account wins, recent acquisitions and strong travel demand helped CTM record revenue for the first half of its 2023 financial year.

Revenue for the Australia-based TMC was up by 79% year-on-year to AU$291.9 million (€188 million) to the end of December 2022.

The TMC expects its full-year EBITDA to be between $160-$180m (€100-€115 million), which would also be a record result.

It expect a full recovery in the following financial year “well in advance of IATA’s projections for travel activity, due to continued client wins and retention and significant known large account wins that will start trading with CTM in the second half of 2023”.

In a trading update today it added: “Whilst we continue to monitor recession impacts closely, travel demand remains strong with no signs of macroeconomic factors impacting the recovery.”

In Europe, significant client wins are expected to deliver a very strong performance in the second half, with Europe predicted to be the largest contributor to the group.

“January was a record profit despite the month being seasonally weak,” said the update for its European operations.

On staff recruitment, CTM Managing Director, Jamie Pherous, said: “CTM has largely rebuilt our workforce with excess capacity for future servicing, adding 204 full-time employees during the first half, employing a total of 3,062 people by the end of 2022.

“All recognition and development programs are well underway ensuring a highly motivated team delivering for CTM customers.”