Corporate Travel Management Ltd Rise in EBITDA from organic growth
Rise in EBITDA from organic growth:Corporate Travel Management Ltd (ASX: CTD) reported for 1H 17 net profit after tax attributable to the owners of CTD, of $22.1 million against $17.3 million of previous corresponding year. There was 44.5% growth in EBITDA, adjusted for acquisition and other non-recurring costs (adjusted EBITDA), to $40.4 million with 29% of the adjusted EBITDA increase resulting from organic growth. CTD’s SMART technology program and expansion of the global network were key contributing factors to organic growth and client wins. CTD declared an interim dividend at 12 cents per share against 2016 interim dividend of 9.0 cents per share, and this represented an interim payout ratio of 57%. Australia and New Zealand’s TTV (unaudited) grew by 7.7% and North America’s TTV (unaudited) rose by 88.8%, while the operation in Asia contributed $638.6 million in TTV (unaudited) and the operation in Europe contributed $162.9 million in TTV (unaudited). Net assets of $300.3 million represent a strong financial position. Meanwhile, Brooke Connell has ceased to be the group’s Joint Company Secretary.
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