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17 August 2022

Corporate Travel Management delivers strong financial results following fourth quarter momentum


Leading global travel management company Corporate Travel Management (CTM) has reported strong financial results with underlying EBITDA in FY22 of A$59.8 million, increasing from a loss of A$7.2 million in FY21, led by the Group’s increasing exposure to North America and Europe and strong market share gains.

The fourth quarter was the key driver of the result, with CTM earning revenue and other income of A$140.8 million, underlying EBITDA of A$35.7 million and underlying PBT of A$25.5 million.

Corporate travel demand remained strong in North America, with the region again leading the Group in new client wins and 4Q22 revenue recovering to 73% of pro-forma FY19 levels (including Travel & Transport, which was acquired in November 2020).

Despite capacity constraints, forward bookings after the summer vacation period are strong, and the region continues to win significant business into FY23.

The integration of Travel and Transport with CTM North America is largely complete, enabling increased productivity and synergies to build as activity continues to recover in FY23.

CTM North America (A$ millions, unless stated otherwise)

  4Q22 FY22 FY21 Variance
TTV 711.1 2,301.9 755.5 205%
Revenue & other income 72.5 217.7 96.0 127%
EBITDA – underlying 16.0 27.2 (10.7)


The Group is recovering faster than the broader corporate travel market through increased market share and 97% client retention, with revenue recovering to 69.5% of average FY19 pro-forma revenue[1] in the fourth quarter, compared to IATA’s reported average of 60% across CTM’s regions. Momentum continued with revenue recovering to 74% of the average in June 2022.

At June 30, 2022, the Group had no debt drawn and $127 million corporate cash with strong operating cashflows enabling continued investment in proprietary technology.

CEO North America, Kevin O’Malley, said, “North America continues to grow in its contribution to the CTM global business, contributing 56% of the Group’s total revenue and other income. We see a huge opportunity for further growth in the North America market, both as the travel manager of choice for regional and global travel programs, thanks to our unique approach to proprietary technology development and servicing capabilities that are providing support for our customers in every market they operate in.”

Managing Director Jamie Pherous said, “Our customers are embracing the opportunity to return to face-to-face connectivity in a post-COVID world. Following the removal of most border and travel restrictions globally, the fourth quarter momentum makes us optimistic for the future, and we are pleased that the business has successfully translated that momentum into earnings.”

“CTM is a different business than it was prior to the COVID-19 pandemic. We are larger, more diverse, and more relevant to our market globally. This gives us an exciting platform from which to continue our organic growth trajectory in FY23 and beyond. Our results in FY22, and particularly in the fourth quarter, puts us on a path to full recovery in the near-term.”

Media information

Alexa Perry
+1 301 941 0354

[1] Includes the combination of Travel & Transport, acquired November 2020 and Helloworld Corporate, acquired 31st March 2022

About Corporate Travel Management – click here