The Brisbane-based company has also restarted its dividend payments with an unfranked 5 cents a share and said it had employed an extra 950 people in the financial year.

At an EBITDA level, CTD reported an underlying profit of $59.8 million, a significant increase on last year’s $7.2 million loss. Its bottom line was a profit of $3.1 million, up from a loss of $55.4 million.

CTM said a key driver was the fourth quarter of the financial year when it earned $140 million and an underlying EBITDA of $35.7 million.

It said it was recovering faster than the broader corporate travel market through increased market share and 97 per cent client retention. Revenue recovered to 69.5 per cent of the average full year 2019 revenue in the fourth quarter.

Managing director Jamie Pherous said customers were embracing face-to-face meetings.

“Following the removal of most border and travel restrictions globally, the fourth quarter makes us optimistic for the future and we are pleased that the business has successfully translated that momentum into earnings,” Pherous said.

“CTM is different business than it was prior to the Covid-19 pandemic. We are larger, more diverse and more relevant to our market globally.”

The company said forward bookings for September were strong and it was assuming a full recovery in 2024.

“Based on pro-forma numbers, known synergies and productivity improvements, this represents revenue of $810 million and underlying EBITDA of $265 million,” CTM said.