|August 28, 2014|
Corporate Travel Management Reports FY14 Underlying EBITDA Profit $28.9m, Up 47%
|Corporate Travel Management (CTM) has reported a full year profit for FY2014, with underlying EBITDA of $28.9m representing 47% growth on FY13. Statutory NPAT was $15.8m up 40% on the prior year. |
The company, celebrating its 20th year in business, heralds its continued strong growth as a result of the dedication of its people, continued investment in technology and client value proposition, productivity gains, global expansion and high client retention.
Managing Director, Jamie Pherous said "Our team successfully executed on all the key business drivers we could control. Most pleasing is that all regions experienced record profits, and all acquisitions also experienced organic profit growth."
In Australia in particular, profit growth occurred despite the broad softening in the Australian economy, resulting in a combined 12% decline in client activity and lower average ticket prices. On a comparison, assuming CTM's acquisition ownership for the same period in FY13, 'like for like' FY14 EBITDA growth in Asia was 14% and 46% in North America.
On the company's recent expansion into the Asian travel market (acquisition of a 75.1% share in Westminster Travel) and bolstering of its US presence, Pherous added "We've demonstrated our ability to integrate newly acquired businesses and grow market share, and as a result the company has successfully won 32 clients through cross-selling across more than one region in the group."
"We've been involved in a number of global tenders that would not have been possible without the growing global coverage we've experienced in FY14. CTM now has offices in 37 cities across 15 countries, enabling our team to better service our global clients" Pherous said.
CTM's SMART Technology suite continues to deliver new intuitive client-facing tools exclusively to CTM's clients, adding greater sophistication and cost savings opportunities to the corporate travel market. These tools are being rolled out globally.