Corporate Travel Management (CTM) reported a net profit of $22.9 million (excluding one-off COVID-19 costs) for the 2019-2020 fiscal year, a better-than-expected result. The TMC’s North American business was the largest revenue contributor for the second half. The global corporate travel group ended the financial year with a strong balance sheet position, with net cash of $64.7 million supported by operating cash flow of $56.7 million, plus zero debt and $128.9 million in committed and undrawn finance facilities. Maureen Brady, North America CEO, said North America is the biggest corporate travel market in the world and “it’s becoming CTM’s powerhouse.” She said the company continues to grow market share and has implemented the new business won late in the first half of the year. The global CTM business, she said, is starting to see a bounce back from the low point for corporate travel in April.  Brady said July has been the best month since COVID-19 despite summer vacation, which normally makes it a slower corporate travel month.