Corporate Travel Management (CTM) reported a strong start to fiscal year 2024 at its annual general meeting with revenue of $187.9 million, up 36% over the previous year and underlying EBIDTA (earnings before interest, depreciation, tax and amortization) at $56.6 million, up 157%.

Jamie Pherous, managing director, told shareholders that a combination of strong client wins ($2.95 billion) in fiscal year 2023 (FY23) starting to transact and large segment accounts gradually recovering their travel activity drove the results. Following a record client win year in FY23, he said, new clients in FY24 year to date stand at a total transaction value (TTV) of $0.5 billion, “ahead of long-term growth and market share aspirations.”

The company, said Pherous, also successfully converted incremental revenue into profits, with the first quarter EBIDTA/Revenue margin at 30.1%, which also marks a first-quarter record for the company.

CTM, said Pherous, is seeing large clients’ travel activity in the North America, Europe and Australia/New Zealand markets gradually improving. Until now, he said, this segment has been a recovery laggard. Pherous said CTM remains in a strong financial position and has announced a $100 million share buyback. He also advised shareholders that the company’s automation and AI projects were well underway and “would underpin productivity for many years.”