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)似乎對2023-24年的最後一期和全年股息非常吝嗇。然而，即將到來的股票回購應該會幫助緩解股東的失望，正如成果公佈後股價的初始下跌所證明的那樣。
The shares dropped more than 10% at one point, but losses were later trimmed to around 1% by the end of the trading day.
股價一度下跌超過10%，但虧損在交易日結束時被削減至約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).
公司報告稱，截至6月份的財年，營業收入和盈利均出現實質性增長，但全年股息僅增長4%（略高於通脹水平）。
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.
營業收入和其他收入增加9%，達到71690萬美元，而核心利潤增長21%，達到20170萬美元。法定利潤增加9%，達到8450萬美元。
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.
董事會設定了每股最後股息爲12分（未設置分紅稅），較去年的22分下降。這使今年的總股息達到29分每股，高於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.
公司年底時無債務，現金爲13480萬美元。該公司在2023年11月宣佈的在市場股票回購計劃下，以15.55美元的平均價格完成了2610萬美元的回購。該計劃的截止日期已延長至2025年6月30日，上限爲1億元美元。
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.
儘管這次股票回購表明董事會對公司充滿信心，但也應該被視爲一種支撐股價的方式。尤其是對公司歐洲業務的前景來說，並不完全積極。
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.
對於其他地區（北美洲、澳新和亞洲），該集團在2025財年的目標是實現約10%的營業收入增長，將EBITDA利潤率從23%增長至27.5%，利用2024財年下半年的強勁勢頭，新顧客的獲得，Sleep Space的推出以及自動化舉措。
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.
在歐洲，集團預計FY25年營業收入將下降約18％，EBITDA利潤率約爲49％，這是由於非常不具有周期性的項目的完成所致。該預測假設沒有避難船擴展或與戰爭相關的人道主義工作。預測的下降反映了與FY19（疫情前）相比的強勁的比較數，具有改善的EBITDA利潤率和超過FY19年利潤預期的150％以上。