Thursday, August 22, 2024 Corporate Travel Management reports 9% revenue growth to AU$716.9M despite a challenging year, showcasing resilience amid challenges in key projects. Corporate Travel Management (CTM) announced a 9% boost in revenue, reaching AU$716.
9 million (€424.71 million) for the financial year ending on June 30, 2024. Additionally, the company’s underlying EBITDA saw a significant rise of 21% , totaling AU$201.
7 million (€122.3 million). Despite the growth, CTM acknowledged that the results “fell short of expectations” following a “challenging year.
” The company attributed this to the underperformance of its UK Bridging Accommodation contract, which came in “materially below forecast,” as well as the faster-than-anticipated conclusion of several humanitarian support projects. Nevertheless, CTM’s full-year revenue in Europe rose by 18%, reaching AU$169.3 million (€102.
66 million), while EBITDA saw a 16% increase, totaling AU$97.7 million (€59.24 million).
The company successfully retained 97% of its customers throughout the year and secured an estimated AU$970 million (€588 million) in new business. Additionally, revenue per full-time equivalent employee increased by 9% during this period. In its annual report, CTM highlighted the successful roll-out of its Sleep Space hotel content engine in Australia and New Zealand .
Preliminary research suggests that this product has significant potential, with plans to expand its availability to ot.