Corporate Travel Management (CTM) today reported its FY24 results, showing a 9% increase in revenue and other income, reaching $716.9 million, and a 21% rise in underlying EBITDA (profit) to $201.7 million. The company also maintained a strong balance sheet with no debt.
Despite the overall growth, full-year results fell below forecasts due to challenges in North America and a significant underperformance in a European bridging accommodation contract.
Additionally, humanitarian projects related to the Ukraine and Afghanistan conflicts tapered off faster than expected, impacting second-half results.
However, Corporate Travel Management’s underlying business performed well, with Australia/New Zealand (ANZ) and North America reporting a 39% increase in second-half EBITDA.
ANZ saw a healthy 6% rise in revenue to $169.3 million and a 6% increase in underlying EBITDA to $44.9 million.
Elsewhere, the group reported that its proprietary hotel content engine, Sleep Space, launched in February 2024, has significantly boosted revenue growth in ANZ. The company plans to expand Sleep Space to other regions in FY25.
Corporate Travel Management is also investing in technology and automation to enhance productivity and profitability. Key initiatives include Project Atlas, expected to deliver $10 million in cost savings in FY25, and Scout, an AI-powered virtual assistant improving customer service and revenue growth.
The group forecasts strong revenue growth in FY25, particularly in ANZ, North America and Asia, with continued investment in automation initiatives.
Earlier this year, CTM reported a near doubling of profit for the first half of FY2024.
Flurry of finalists
CTM is in the running for a number of gongs at the 2024 National Travel Industry Awards (NTIA) including Most Outstanding Global Travel Management Company and the Sustainability Award – Business.
Its events division, CTM Meetings & Events, has also been named a finalist for Most Outstanding Business Events Travel Agency.
Meanwhile, its Show Group team members Darren Swinton and Emma Bradbury are finalists for Most Outstanding Travel Consultant – Corporate, and Kim Lodington is a finalist for Rookie of the Year.
