Corporate Travel Management posts $8.2m loss, but exceeds full-year expectations
Corporate Travel Management (CTM) has recorded an $8.2 million loss for FY20, but says its full-year financial performance was better than expected.
The loss is a fair swing away from the $86.2 million profit the company recorded last financial year, but discarding one-off costs, CTM enjoyed an underlying profit of $32 million in the 12 months to 30 June 2020.
Underlying earnings were down 57 per cent to $65 million, revenue fell 29 per cent to $316.4 million, and total transaction value (TTV) also dropped 29 per cent to $4.6 billion.
CTM’s operations in Australia and New Zealand saw a 43 per cent drop in underlying earnings to $29.4 million during FY20. Revenue for the region declined 36 per cent to $78 million, and TTV shrunk 28 per cent to $958.8 million.
Jamie Pherous (pictured above), managing director at CTM said: “Revenue has been ahead of our May market update expectations, with high exposure to domestic essential travel.
“This, coupled with our flexible business model and rapid response to COVID-19, enabled CTM to deliver full-year results that exceeded our market update provided in May.
“Because we moved early and rapidly with redundancies and other cost reductions, we have been able to stem our losses very quickly, and do not expect any further significant one-off costs in the current FY21 financial year.
“Our business model also positions the business for a rapid return to profitability, with only a marginal increase in domestic travel activity from current levels.”
CTM reported $60 million net cash at 30 June 2020 and has held on to $55 million of that in as of 17 August 2020.
In bad news for shareholders, the company said its FY20 interim dividend, previously deferred to October, has been cancelled, and there will be no final dividend.
Email the Travel Weekly team at traveldesk@travelweekly.com.au
corporate travel corporate travel management ctm financial results FY20 jamie pherousLatest News
Philippine Airlines and VietJet look to community connection near Western Sydney Airport
Both Philippine Airlines and VietJet will explore services from Western Sydney Airport with the airport’s proximity to the Filipino and Vietnamese diaspora in Sydney potentially beneficial to both carriers. Philippine Airlines VP revenue management and commercial planning Alex Featherstone, speaking at the CAPA Airline Leader Summit Australia Pacific, said the carrier would “explore” the potential […]
Virgin Australia to refit Dash 8 and acquire Rex aircraft following Boeing delays
Not the biggest announcement given everyone else is in the same boat - or plane - but what's old is new again.
Exclusive: Wendy Wu on her passion for travel continuing to run deep
Last year, she topped the Women in Travel Power List, but now she is digging deep for the next destination.
Australian Cycle Tours adds new cycle trip to the Murray to the Mountains Rail Trail
Australian Cycle Tours has added a new, extended cycle trip that includes all sections of the popular Murray to the Mountains Rail Trail. The new trip commences in Beechworth with the first two days cycling with a transfer back to Beechworth, before continuing to Myrtleford and Bright, with a cycle on the newest sections of […]
Camp in style with Reflections Holidays’ new glamping tents
It will feel like you're on safari but instead of lions or elephants it's the kids in the holiday park to look out for.
It’s all of the photos from TravelManagers 2024 conference day one!
We all have that one friend who zooms in on their own face whenever there is a group photo. If you don't, it's you.
Air New Zealand chief hints at quirky safety video in time for Christmas
We've managed to nab an Air New Zealand exclusive at an aviation summit, who would have thought?
Solis Travel announced as the latest member of Luxury Travel Collection
If Luxury Travel Collection was a high school student, it'd be telling people 'you can't sit with us', but not Solis!
OPINION: Travelport CMO Jen Catto on AI empowering travel retailers
AI will fix everything, said no one ever. But it can help.
Anangu Communities Foundation raises $75,000 at its third annual Sydney fundraiser
Generous supporters gathered at the Sofitel Sydney Darling Harbour for the third annual Anangu Communities Foundation Sydney fundraiser to help raise $75,000. Voyages Indigenous Tourism Australia administers the Foundation which so far has funded over $3 million in projects to support Anangu communities of Central Australia with a focus on building community capacity in healthcare, […]
‘Virtuoso on Tour’ photos: Virtuoso showcases its best to agent base
Virtuoso hosted its second annual Virtuoso On Tour, a destinations event at the ICC in Sydney showcasing tour operators, tourism boards and more to its agent family. The event is designed for travel agency members in Australia and New Zealand to network with Virtuoso partners across the globe. It housed six destination-themed pavilions (Australia & […]
Oceania Cruises showcases new culinary tours and itineraries in Alaska
Designed by foodies, for foodies. Well, they've sucked us in, when can we get on board?
Galapagos Shark Diving expands conservation efforts with new partnership
Got a fear of the deep blue? This is the way to overcome it... or have a panic attack.
The gloss of a garlicky brioche bun continues to shine long after leaving Amanoi
That calls time on our Chris Taylor series. We loved these so much we might have to send him on another trip.
Highlights of CAPA Airline Leader Summit Australia Pacific
What do you get when you put a bunch of aviation workers in a conference centre? Lot's of breaking news!
Air India to target Indian-Australians as part of its rebuild, says its CEO & MD
Of all the Indian cultures we love at TW, Bollywood takes the cake, and we're sure its on the entertainment menu.
Sydney Airport and Turkish Airlines announce Sydney-Istanbul flights
So much aviation news in the last few days. but this might take the cake! Years in the making.
Women In Travel: ‘It’s so important for us to create change’ Albatross Tours’ Shelley Poten
And it's a change she's making! We can't wait to celebrate with Shelley on our night of nights.
Perth a focus for Qantas says International & Freight boss
If you're not into aviation this talk may have sent you to the coffee line, but for others it was a dream come true.
Qantas unveils remuneration changes and details its journey to green in annual, sustainability reports
Qantas timed its reports for the same day as a major aviation conference in Brisbane, but it's only hiding good news.
TravelManagers 2024 kicks off in Cairns with record attendance
Want to find out the salary of a top-performing PTM? You'll have to read this story.
Research shows Brisbane international travel spike as airport prepares for major upgrade
The kind of news airport bosses in Brisbane would like to hear after spending $5 BILLION.
AmaWaterways announces fully integrated partnership with Mint Payments
Ama's financial news grabbed our attention this morning, even with a fridge full of mint slices.
Brisbane Airport boss opens CAPA Summit with $5b terminal rebuild plans
Nothing like using a hometown advantage to make a big announcement to the rest of the Aviation world.
IHG Hotels & Resorts to present ‘The Mind Lobby’ at SXSW Sydney as major partner
Got what it takes to step into the Mind Lobby? We're not sure what it entails but we're guessing escape room.
NCL returns to Greek Isles and Med in + new ports Northern Europe: 2025/26 season revealed
Even thinking about the Greek Island's has our mouths watering and mind set on Gyros!
Winter in QLD wins big as My Queensland sets all time high for sales in July 2024
If it was State of Origin season, this article wouldn't have got a start...
The NT tops list of hidden gem attractions out of Aussie states
As Australia steps into spring with temperatures set to rise above average, new research has revealed the states with the most must-see hidden gem attractions with the great outdoors proving a winner! The study, conducted by travel and luggage experts at Bounce, used Tripadvisor and search data to uncover Australia’s most treasured destinations. The Northern […]
Four lucky winners revealed for Tourism Solomons latest agent prize!
Winner winner chicken dinner! It's not the news you want if you are one of the remaining 150-odd, but you can try again!
Entire Travel Group offers $1000 for couples combining Fijian getaways with winters in Whistler
If you want to relax by the pool one week and ski the slopes the next, Entire is here for you!
Fusion Hotel Group celebrates World Wellness Weekend
Vietnam’s wellness-inspired Fusion Hotel Group is celebrating World Wellness Weekend from 20-22 September with yoga and other healthy living activities. Fusion Hotel Group has introduced a series of events and activities for guests at five of its luxury beachfront resorts in Vietnam to World Wellness Weekend. The exclusive offers include yoga, meditation, onsen baths, Zumba, […]
InterContinental Wellington unveils new Health Club and Classic Rooms makeover
InterContinental Wellington has announced the completion of its newly revamped Health Club and a stylish makeover of its Classic Rooms. Bringing a new level of luxury to its 79 Classic Rooms, including eight accessible rooms, the hotel has meticulously re-styled these spaces in collaboration with Y-6, an acclaimed Interior Architecture and Design studio based in […]
Scoot announces discount flights to Europe, Japan, Hong Kong & more
Your next holiday could be just a hop, skip and a jump away... But we'd rather take a Scoot!
Newcastle Airport signs MoU with Destination NSW to lure new domestic and international routes
Destination Newcastle! Did we ever think we would see the day?
Celestyal Journey celebrates its first anniversary
Celestyal Journey has notched up one year with Celestyal, travelling 66,100 nautical miles in its first year, mostly around the Greek Islands. The 55,877-tonne ship joined the Celestyal fleet following a multi-million-dollar refurbishment made her maiden voyage for the Greek cruise line on 2 September 2023, a seven-night Idyllic Aegean cruise to Thessaloniki, Kusadasi, Heraklion […]
Aqua Expeditions is set to expand its fleet in 2025
Luxury sailings are now hitting far-flung destinations, and there is still a lot of coastline left uncovered.