It's going on two years since Australia's Corporate Travel Management made an acquisition in the U.S. and more than a year since it bought an agency anywhere. That may not sound like a long time, but for CTM, which has acquired around a dozen travel agencies since publicly listing on the Australian Securities Exchange in late 2010, it feels like an eternity.
Corporate Travel Management made its last U.S. acquisition more than a year ago when it picked up Boston-area travel management company Travizon. That was on the heels of its purchase of California-based Montrose Travel. While the Australian company is busy integrating those U.S. buys, CTM's appetite for acquisitions in North America and other markets is hardly sated, CTM managing director Jamie Pherous said this week.
Australia-based Corporate Travel Management announced plans to acquire U.K.-based Redfern Travel and Tasmania-based Andrew Jones Travel. In conjunction, the publicly traded travel management company issued a new share purchase option to eligible shareholders to raise A$71 million to fund the deals.
Most of the top 10 travel management companies in the U.K. have confirmed they've reached deals to waive British Airways' global distribution system surcharge for clients. Many of the TMCs, including the largest, described their arrangements as private-channel deals, the model facilitated by GDSs to shield customers from the airline's fee of 8 British pounds per fare component.
Hogg Robinson Group delivered healthy financial results for the six months ending Sept. 30 as revenue increased 10 percent year over year to 186.8 million pounds and underlying profit before tax jumped 22 percent to 18.7 million pounds.
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