CTM reports gradual recovery in travel activity among 'large segment accounts'

Corporate Travel Management (CTM) reported (25-Oct-2023) revenue increased 36% year-on-year to AUD187.9 million (USD119.4 million) in Q1FY2024. CTM attributed the results to "a combination of FY2023 new client wins now transacting, and large segment accounts gradually recovering in travel activity". MD Jamie Pherous said travel activity by large CTM clients in North America, Europe, Australia and New Zealand is "gradually improving", adding: "Until now this segment has been a recovery laggard". Mr Pherous reported record client wins from FY2023 totalling AUD2.95 billion (USD1.9 billion). Client wins for FY2024 to date reached AUD500 million (USD317.7 million), "ahead of long term growth and market share aspirations", according to Mr Pherous. [more - original PR]