CTM bags UK contract and looks for Euro growth
Brisbane-based Corporate Travel Management has struck a major deal with the British Home Office and its shares soared 12 per cent.
CTM has announced a $100 million buyback (image: Corporate Traveler)
The company said the total transaction value for the contract was about $3 billion. The TTV value relates to the total for all transactions for services that were booked through CTM.
The deal began on March 1 and was for two years with a potential for a one-year extension “in line with on-going requirements”.
“This work involves highly complex services and logistical support that will be delivered by an already established team within CTM that has both the experience and specialised knowledge to to support this work,” the company said.
“This region is already CTM’s strongest contributor to CTMS financial results and as a result, this contract will have a significant impact on the further growth of our European region and 2024 and beyond.”
CTD shares were trading at $21.27 this morning, a rise of 12 per cent.
