Full Year 2024 Corporate Travel Management Ltd Earnings Call Transcript
Key Points
- Revenue increased by 9% and EBITDA grew by 21% to AUD201.7 million.
- Strong performance in North America and ANZ regions with significant second-half turnarounds.
- Revenue per full-time equivalent employee increased by 35% compared to pre-COVID levels.
- Cash conversion rate was strong at 89%, providing flexibility in cash management.
- Client retention rate remained high at 97%, with new client wins amounting to AUD970 million.
- FY24 underperformed due to specific issues, including macro impacts in North America and changes in government policy affecting the Bridging Accommodation contract.
- One-off war-related humanitarian work tapered off faster than anticipated, impacting second-half results.
- Second-half EBITDA in Europe dropped by 48% compared to 2H '23 due to the completion of one-off projects.
- The increase in the underlying tax rate from 24.6% to 26.4% due to changes in the UK company tax rate.
- CapEx investment was high at AUD47.6 million, primarily in proprietary technology, which may impact short-term cash flow.
Yeah. Thanks, Rachel, and good morning, everyone. It's nice should say that -- welcome to our full year results presentation. This should take approximately half an hour with Q&A at the end.
I'm also joined today, as Rachel said, by our CFO, James Spence; and our COO, Eleanor Noonan. You may not be familiar with them, but James has joined us in May and Eleanor has been here for a couple of years. So both are highly experienced individuals and it's great to have them on the call today, and we look forward to introducing them if you don't know them on the Roadshow and post Roadshow. So let's hop straight into it.
If we can go to slide 5, please, the group overview. So from a consolidated point of view, revenue was up 9% and EBITDA up 21% to AUD201.7 million. Disappointingly, FY24 has underperformed which we take on board. However, we need to acknowledge that this underperformance is specific to three key items. The first two issues of first-half issues we previously flagged at our first-half results
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