CORPORATE TRAVEL MANAGEMENT POSTS PROFIT

Written on the 26 February 2014

CORPORATE TRAVEL MANAGEMENT POSTS PROFIT

CORPORATE Travel Management (ASX:CTD) has achieved earnings before interest, taxes, depreciation and amortisation of $10.4 million, up 28 per cent.

The company also reported an 11.4 per cent increase in net profit after tax of $5.6 million from the previous corresponding period (pcp), taking into account a voluntary change in accounting policy and a one-off $1.1 million in acquisition costs.

Managing director Jamie Pherous (pictured) says he is proud of the team for overcoming a challenging market.

“The result was pleasing, particularly given the continued generally tough economic conditions in Australia and New Zealand.”

The integration of US-based TravelCorp is expected to be completed on June 30, promising stronger results in the next half year.

Westminster Travel in the Asian market will make a five month contribution to profit in FY14, following the 75.1 per cent equity acquisition on January 29.

Pherous says the company will now focus on attracting new regional clients and retention, as well as explore more acquisition opportunities.

CTD will pay an interim dividend of 4.5 cents per share on April 11, up 13 per cent on pcp.

Shares are trading down 1.7 per cent at $5.19 per unit.


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