Combined, these issues will have a $40m impact to the full year EBITDA guidance mid-point. As a result,
FY24 guidance has been revised as follows: Revenue $730-760m, representing 15% growth on FY23 at the mid-point of the range Underlying EBITDA: $210-$230m, representing 31.7% growth on FY23 at the mid-point Underlying PBTA: $167-$187m Underlying NPAT to owners of CTM: $125m-$140m.
2H24 activity update and summary
1. The 2Q macro impacts appear to have dissipated. As outlined above, the Group experienced
strong January rebounds across the globe versus January 2023: North America underlying EBITDA up 60% Asia underlying EBITDA up 196% ANZ revenue and other income up 11%
2. Despite the impacts of external issues outside our control, the underlying business is executing
to plan and performing well. Growth at the mid-point of underlying EBITDA guidance of $220m
represents a 31.7% increase on FY23 despite the global corporate market remaining relatively
steady at a 75% recovery post-COVID.
3. Metrics for success are being met or exceeded, with new client wins for the year-to-date
surpassing $0.7bn. We expect 2H24 conversion of incremental revenue to profit to remain above
the 50% target range, particularly in North America and ANZ regions, as they both benefit from
synergies as revenue builds.
4. The five-year growth strategy positions CTM to double FY24 profits by FY29 (CAGR 15%) and key
metrics required to execute this plan are already being met or exceeded.
5. Acquisitions are additional to the plan. CTM remains well positioned for likely industry
consolidation and has a strong track record of acquisition execution and synergy extraction.
STONG ANN IMO
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