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CTM reveals $100m share buy back

Business

Corporate Travel Management has announced a $100 million buyback of its shares.

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The Brisbane based travel company said the buyback would start on November 15 and would enhance shareholder returns as well as complement the company’s intentions to pay dividends in the future.

The price of the buyback would be no more than 5 per cent above the VWAP (volume weighted average price) over the five trading days before the purchase.

The buyback follows a market update in which the company said it was “off to a great start” for the financial year. Its first quarter revenue was $188 million, a 36 per cent increase on the same period in 2022. Underlying EBITDA was up 157 per cent.

It was predicting its client base of 5700 customers would make 17 million transaction in 2024.

 

 

 

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