Corporate Travel Management (CTM) reported (20-Feb-2018) the following financial results for H1FY2017/2018:
- Total transaction value: AUD2258.5 million (USD1783.2 million), +21% year-on-year;
- Revenue: AUD172.8 million (USD136.4 million), +15%;
- Organic growth: 16.6%;
- Underlying EBITDA: AUD53.5 million (USD42.2 million), +32%;
- Underlying net profit after tax: AUD36.4 million (USD28.7 million), +33%;
- Underlying earnings per share: AUD0.344 (USD0.272), +26%;
- Dividend payable. AUD0.15 per share (USD0.118), +25%.
- Australia and New Zealand: Underlying EBITDA of AUD18.9 million (USD14.9 million), +20%. 80% of Australia and New Zealand customer transactions are now completed online;
- Europe: Underlying EBITDA of AUD12.9 million (USD10.2 million), +239%. The performance was underpinned by a combination of increased online business activity and strong client win rates. The business expects further outperformance in H2FY2017/2018;
- North America: Steady revenue and 9% increase in earnings at constant currency, despite uncertainty regarding US tax reform and the impact of weather events. CTM expects an improved H2FY2017/2018 in the region due to increased client activity and the positive impact of the tax changes. CTM will continue to investigate possible strategic acquisitions in North America;
- Asia: Underlying business faced headwinds following unexpected ticket decline negatively impacting supplier revenue. Strong regional growth expected in H2FY2017/2018, with benefits from easing of controls on airfares and securing new clients off the back of CTM’s technology offering in the region.