Corporate Travel Management’s revenue increased 36 per cent year over year from July through to September as the travel management company has seen large client travel activity “gradually improve” in Europe, North America, Australia and New Zealand, managing director Jamie Pherous reported at the TMC’s annual meeting on Wednesday (25 October).

Revenue for the quarter, the first of CTM’s fiscal year, totalled AU$187.9 million (€112.5 million), and the growth stemmed in part from a “record client win year” in the previous fiscal year, according to Pherous. 

“We are seeing the strong client wins in FY23 starting to transact, and while July and August are typically soft months due to northern hemisphere vacation, this is a pleasing start,” he said in a statement.

In CTM’s FY23 results, revenue in Europe grew 70 per cent to AU$143 million and EBITDA was up 125 per cent to AU$84.1 million, compared to EBITDA in Australia and New Zealand of AU$42.4, in North America of AU$44.8 million, and in Asia of AU$13.9 million.

The TMC previously said its business in Europe benefitted from “major new client and contract wins, with high CTM technology uptake over a significantly larger scale”.