CTD -6.9%: travel stocks have broadly been a great place to be over the last 12 months, however Corporate Travel’s update today shows some cracks in the story coming through. FY23 numbers were largely in line which is unsurprising given the consistent messaging around earnings in the last few months. Revenue was up 70% to $660m and profit before tax of $125m was a slight beat. Earnings were supported by contract wins, strong margins and higher travel costs where the company earns a clip in the total value. Guidance was the concern with PBT of $193-233m a small miss to consensus of $220m at the midpoint despite being more than 60% higher than FY23.
- A strong result but guidance a bit light, Corporate Travel is known for being conservative early in the year
MM is neutral CTD
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