Corporate Travel Management's European Woes Cast a Shadow Over Global Growth
Corporate Travel Management's European Woes Cast a Shadow Over Global Growth
Corporate Travel Management (ASX:CTD) appears to have been stingy in setting its final and full-year dividend for 2023-24. However, a larger buyback for the coming year should help mitigate shareholder disappointment, as evidenced by the initial share price decline post-results.
Corporate Travel Management (ASX:CTD)似乎对2023-24年的最后一期和全年股息非常吝啬。然而，即将到来的股票回购应该会帮助缓解股东的失望，正如成果公布后股价的初始下跌所证明的那样。
The shares dropped more than 10% at one point, but losses were later trimmed to around 1% by the end of the trading day.
股价一度下跌超过10%，但亏损在交易日结束时被削减至约1%。
The company reported solid increases in revenue and earnings for the year ending June, but the total dividend for the year increased by only 4% (slightly above inflation).
公司报告称，截至6月份的财年，营业收入和盈利均出现实质性增长，但全年股息仅增长4%（略高于通胀水平）。
Revenue and other income rose 9% to $716.9 million, while underlying EBITDA climbed 21% to $201.7 million. Statutory profit increased by 9% to $84.5 million.
营业收入和其他收入增加9%，达到71690万美元，而核心利润增长21%，达到20170万美元。法定利润增加9%，达到8450万美元。
The board set a final dividend of 12 cents per share (unfranked), down from 22 cents a year ago. This brought the total for the year to 29 cents per share, up from 28 cents in 2022-23.
董事会设定了每股最后股息为12分（未设置分红税），较去年的22分下降。这使今年的总股息达到29分每股，高于2022-23年的28分。
The company ended the year with no debt and $134.8 million in cash. It completed $26.1 million of share repurchases at an average price of $15.55 per share under the on-market share buyback program announced in November 2023. The program's completion date has been extended to June 30, 2025, and reset to up to $100 million.
公司年底时无债务，现金为13480万美元。该公司在2023年11月宣布的在市场股票回购计划下，以15.55美元的平均价格完成了2610万美元的回购。该计划的截止日期已延长至2025年6月30日，上限为1亿元美元。
While this buyback indicates board confidence, it should also be seen as a way to provide support for the share price. The company's outlook, particularly for its European operations, was not entirely positive.
尽管这次股票回购表明董事会对公司充满信心，但也应该被视为一种支撑股价的方式。尤其是对公司欧洲业务的前景来说，并不完全积极。
For the Rest of World (North America, ANZ, and Asia), the Group is targeting approximately 10% revenue growth and EBITDA margins increasing from 23% to 27.5% in FY25, capitalizing on strong momentum in the second half of FY24, new customer wins, the rollout of Sleep Space, and automation initiatives.
对于其他地区（北美洲、澳新和亚洲），该集团在2025财年的目标是实现约10%的营业收入增长，将EBITDA利润率从23%增长至27.5%，利用2024财年下半年的强劲势头，新顾客的获得，Sleep Space的推出以及自动化举措。
In Europe, the Group forecasts a revenue decline of approximately 18% and EBITDA margins of approximately 49% in FY25 due to the completion of non-recurring projects. This projection assumes no asylum vessel extension or war-related humanitarian work. The forecast decline reflects strong comparative figures to FY19 (pre-Covid) with an improved EBITDA margin and profit expectations greater than 150% of FY19.
在欧洲，集团预计FY25年营业收入将下降约18％，EBITDA利润率约为49％，这是由于非常不具有周期性的项目的完成所致。该预测假设没有避难船扩展或与战争相关的人道主义工作。预测的下降反映了与FY19（疫情前）相比的强劲的比较数，具有改善的EBITDA利润率和超过FY19年利润预期的150％以上。