Corporate Travel Management (CTM) reported $2.95 billion in annualized new client wins in the second half of fiscal year (FY) 2023; and revenue for the last quarter of the fiscal year equaled more than 90% of the total revenue for FY2019 — the last financial year before the pandemic.

Revenue in FY2023 increased 70% to $660.1 million (FY2022: $388.7 million), exceeding the company’s earlier guidance of $648 million; and underlying EBIDTA (earnings before interest, depreciation, taxes and amortization) was $167.1 million, representing growth of 179% (FY2022: $59.8 million).

Revenue from North America business operations rose 40% to $303.7 million, and underlying EBIDTA increased by 65% to $44.8 million. Because travel activity in the region has been slower than expected, CTM said the focus of its operations in North America has shifted to driving market share growth, technology and automation gains after the integration of the Travel and Transport acquisition was completed in the reporting period.

Looking ahead, CTM said it expects to deliver record earnings per share in fiscal year 2024.

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Jamie Pherous, managing director, said the company’s performance validates its strategy during the pandemic , which has given CTM a larger global platform. He said the company is taking strong momentum into FY2024, with EBIDTA averaging $20 million per month since February. And, he added, “we are successfully converting the revenue recovery into net profit.”