Corporate Travel Management (CTM) reported (18-Aug-2021) the Group’s increasing exposure to North America and Europe, where pandemic recovery momentum is growing, supported a return to underlying profitability in H2FY2021. North America and Europe generated close to 80% of Group revenue after market share gains for CTM in these key markets, compared to 72% of pre-COVID 2019 revenue. CTM managing director Jamie Pherous said these regions “have made significant progress in vaccine roll-outs and reopening the economy, which gives us reason to be optimistic about FY2022”.
- North America: This was CTM‘s largest region in FY2021 in terms of both group revenue and other income and new client wins. The region’s rapid recovery meant Jun-2021 quarter revenues grew 47% sequentially, resulting in a return to underlying positive EBITDA. This revenue momentum continued into Jul-2021, defying a typical summer vacation slow down;
- Europe: CTM achieved a combination of project wins and business for logistics clients and ongoing essential travel, despite the lockdown in the UK during the H2FY2021. Domestic travel is quickly recovering in the UK, and the trend is expected to accelerate across Europe after the summer vacation. Thanks to a strong revenue contribution in H2FY2021, CTM Europe turned H1FY2021 loss into an underlying EBITDA profit for the full year. The lucrative trans-Atlantic and intra-European segments are opening or expected to re-open in the first half of the year to Jun-2022 and should materially contribute to Group revenue and profitability in both regions. [more – original PR]