Travel management company CTM has reported a 9 per cent increase in revenue to AU$716.9 million (€424.71 million) for its 2024 financial year, which ended on 30 June. Additionally, underlying EBITDA rose by 21 per cent to AU$201.7 million (€122.3 million). Despite these positive results, the company stated that the outcomes “fell short of expectations” due to a challenging year, with issues such as the UK Bridging Accommodation contract underperforming and humanitarian support projects ending sooner than anticipated.
In Europe, CTM saw a significant increase in full-year revenue, rising by 18 per cent to AU$169.3 million (€102.66 million), with EBITDA also increasing by 16 per cent to AU$97.7 million (€59.24 million). CTM’s managing director, Jamie Pherous, acknowledged the company’s financial performance not meeting growth ambitions but highlighted the strong performance of the underlying business. New client wins, investments in proprietary technology, and improved turnarounds in North America and Australia/New Zealand regions are expected to drive momentum into the next financial year.
Throughout the year, CTM retained 97 per cent of its customers and secured an estimated AU$970 million (€588 million) worth of new business. Revenue per full-time equivalent employee increased by 9 per cent, indicating operational efficiency and growth. The company also introduced its Sleep Space hotel content engine in Australia and New Zealand, with plans to expand its usage to other regions in the upcoming year.
Internally, CTM implemented Project Atlas, a program aimed at automating and standardizing support services to deliver savings of AU$10 million (€6.06 million) in the next financial year. The company’s AI-powered assistant, Scout, has seen strong customer adoption and has contributed to improving the TMC’s Net Promoter Score. CTM plans to further invest in Scout in FY25 to enhance its problem-solving capabilities.
Looking ahead to FY25, CTM aims to achieve around 10 per cent revenue growth across North America, Australia & New Zealand, and Asia, with EBITDA margins of 27.5 per cent. However, in Europe, revenue is expected to decline by 18 per cent as non-recurring projects conclude. CTM has set a long-term goal of doubling its FY24 profit within the next five years.
In BTN Europe’s Leading TMCs 2024 report, CTM was ranked as the seventh largest TMC in Europe. This recognition highlights the company’s position in the market and its continued efforts to drive growth and innovation within the travel management industry.
