Corporate Travel Management back in profit
Corporate Travel Management saw a boost in earnings in the final quarter of FY2022 and will pay out dividends for the first time since the coronavirus pandemic.
Brisbane-based CTM doubled total transaction value to $5.07 billion in FY22
Revenue has recovered to 69.5% of average pre-pandemic revenue.
It earned a $3.1 million net profit in the year to June 30 compared to last year’s loss of $55 million.
At 30 June 2022, it had no debt and $127 million corporate cash with strong operating cashflows.
Managing Director, Jamie Pherous, said, “Our customers are embracing the opportunity to return to face-to-face connectivity. The fourth quarter momentum makes us optimistic for the future.”
“CTM is a different business now. We are larger, more diverse and more relevant to our market globally.”
“Q4 was the first period, post delta and omicron, where travel restrictions were progressively lifted around the world,” Pherous added
CTM added 950 new employees during the financial year.
It has engaged in training, on-boarding and retention initiatives to attract and retain the best talent.
Ray Monty
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