Corporate Travel Management Provided a Response to a Market Speculation 

Travel services provider, Corporate Travel Management Limited (ASX: CTD) has provided a response to the Market speculation in which it has noted the announcement made by Capita PLC regarding an unsolicited approach by Corporate Travel Management for Capita’s travel businesses.

Corporate Travel Management has confirmed that it is evaluating various potential acquisition targets. The company has also confirmed that it has been involved in discussions with Capita PLC in relation to its travel businesses. The company is still in the early stage discussions with Capita, and there is no certainty as to whether a transaction will be agreed nor as to the terms or timing.

Following the release of this news, the share price of Corporate Travel Management increased by 0.986% in the intraday trade as on 13 March 2019 (AEST 4:00 PM).

Corporate Travel Management (CTM) recently released its half-year results for FY 2019. For the half-year period, the company reported Total Transaction Value of $2,951.5 Mn, representing a growth of 31% on pcp. The company’s revenue and other income increased by 23 percent to $212.2 Mn in 1H FY19 as compared to pcp. The company achieved an underlying EBITDA of $64.6 million, representing a growth of 21% on pcp.

In ANZ, the company reported Underlying EBITDA of $22.3 Mn for the half year period, representing a growth 18% on the pcp. The half-year result of ANZ includes $0.4 million EBITDA contribution from SCT acquisition.

In North America, the company reported Underlying EBITDA of $17.9 million, representing a growth of 3% on pcp. The strong revenue growth in North America was off-set by an additional $2.0 million technology hub development costs expensed during the period which resulted in reducing the EBITDA margin.

In Asia, the company reported Underlying EBITDA of $12.5 million, representing a growth of 34% on pcp. In Asia, the company’s technology is gaining good traction, resulting in client wins and improved sales pipelines.

For FY 2019, the company is expecting its underlying EBITDA to be in between AUD$144-150m, representing a growth of 15% to 20% on the pcp.

The company’s Board of Directors has announced an interim dividend of 18 cents per share (fully franked) for 1H FY19, which will be paid on 12 April 2019. The interim dividend is having an ex-date of 7 March 2019 and record date of 8 March 2019.

Now, let’s have a glance at the company’s share performance and the return it has posted in the past few months. At the time of writing, the stock is trading at a price of $24.580, up by 0.986% during the day’s trade with a market capitalization of ~$2.64 billion as on 13 March 2019 (AEST 4:00 PM). The counter opened the day at $24.330 and reached the day’s high of $24.980 and touched a day’s low of $24.200 with a daily volume of ~ 347,547. The stock has provided a year till date return of 14.33% & also posted returns of -23.34%, 11.75% & -2.41% over the last six months, three & one-month period, respectively. It had a 52-week high price of $33.870 and touched 52 weeks low of $19.200, with an average volume of ~319,614.


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