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Corporate Travel Management Announces 1H FY 2021 Results and Senior Leadership Changes

17 Feb 2021  |  08:49:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: 1HFY21 Results Announcement & Senior Leadership Changes

Corporate Travel Management reported an underlying EBITDA loss of $15.7m for the first half of FY 2021 and is positioned to benefit from a recovery in corporate travel activity, with Group revenue growing through the half and expected to accelerate in the second half of the financial year. The first half loss was lower than expected after a resilient revenue performance, despite the worsening COVID-19 impact in the second quarter. The Company maintained its liquidity position with no debt, $119m cash and an undrawn, committed $178m finance facility, giving the Group capacity to pursue value-creating acquisition opportunities. It noted Global CFO, Mr. Neale O'Connell will be retiring and stepping down from his role as CFO, replaced by Deputy Global CFO Mr. Cale Bennett.

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