Corporate Travel Management (CTM) has reported its strongest-ever full year results.
CTM said its global operations continued to grow market share, with AUS$3.58 million (£2 million) in total transaction value and new regional account wins every four weeks delivering record profits in every region.
CTM’s underlying Earnings before interest, taxes, depreciation and amortisation - a measure of profit used to value a company was AUS$69.0m (£39.3 million) up 41 per cent on the prior year and is slightly above previous upgraded guidance of AUS$68.0m (£38.7 million).
CTM Managing Director and founder Jamie Pherous: “Our business continues to strengthen its position, with record operating cash flow conversion of 120 per cent reflecting the success of the model despite significant expansion.
“This year’s financial results are a measure of our success in delivering for our clients; our global network provides benefits in technology, service, and scale, and we are winning and growing client accounts because of the recognition of our international capabilities,” he said.
The Travel Management Company: An agency which manages business travel for a company. said new client wins and an increase in existing client accounts accounted for 80 per cent of profit growth.