Corporate Travel Management (CTM), in a quarterly earnings announcement, said it had experienced a rapid return to underlying profitability in the fourth quarter of the fiscal year ended June 30, led by the group’s increasing exposure to North America and Europe, where pandemic recovery momentum is growing. CTM posted a $9.7 million underlying EBITDA (earnings before interest, taxes, depreciation and amortization) profit for the quarter ending in June, representing a $13.6 million turnaround from the previous quarter. Positive underlying EBITDA of $5.79 million for the second half helped reduce the group’s underlying EBITDA loss to $5.2 million for the full year. After the acquisition of Travel and Transport (T&T) in November 2020, CTM is now estimated to be the world’s fourth-largest global travel management company, said the announcement, and will be a much larger business post-COVID. North America and Europe currently generate close to 80% of group revenue after-market share gains for CTM in these key markets, compared with 72% of pre-COVID 2019 revenue. Jamie Pherous, managing director, said the return to profitability was due to a rapid turnaround in fourth quarter activity in North America and Europe. These regions, he said, have made significant progress in vaccine rollouts and reopening the economy, “which gives us reason to be optimistic about fiscal year 2022.” Pherous said the company has successfully integrated the T&T team into the CTM business, “and aligning our operating culture, strategic vision and client focus has allowed us to capitalize on the rebound in travel activity and grow our exposure to the world’s largest travel market.”