Almost missed this little nugget in the profit guidance announcement:
Looking ahead, management expects EU’s performance to strengthen in the last quarter due to 2 key factors: - the region has won a record amount of corporate business. As these clients progressively on-board in 2H, we will see greater utilisation of the fixed cost base of 80 staff, providing strong leverage to EBITDA; and - we were appointed sole provider of the UK Government TMC travel services framework from January 2025 (previously a panel of 3 TMC’s). At the time of the appointment, it was difficult to assess the incremental impact to the business given the UK government indicated a reduction in travel spend. It is now apparent that this will have a positive impact to the volume and scale of services we will provide into the future.
It's not often that 66% of your competition get eliminated from the game!
Even if European Gov spending is reduced, being granted sole service provider is an outstanding achievement and should be extremely positive!
CTD Price at posting:
$16.44 Sentiment: Buy Disclosure: Held
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(20min delay)