Corporate Travel Management’s revenue increased 36 percent year over year from July through September as the travel management company has seen large client travel activity “gradually improve” in North America, Europe and Australia and New Zealand, managing director Jamie Pherous reported at the TMC’s annual meeting on Wednesday.
Revenue for the quarter, the first of CTM’s fiscal year, totaled A$187.9 million (US$118.6 million), and the growth stemmed in part from a “record client win year” in the prior fiscal year, according to Pherous. “We are seeing the strong client wins in FY23 starting to transact, and while July and August are typically soft months due to northern hemisphere vacation, this is a pleasing start,” he said in a statement.
The improvement in large-market travel activity is a turnaround in a segment that has to date been “a recovery laggard,” Pherous said. In CTM’s FY23 results, North America in particular was called out for “slower than expected” travel demand.
CTM also reported a 30.1 percent margin of EBITDA to revenue, which was a first-quarter record for the TMC, according to Pherous.
[email protected] (Michael B. Baker)
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