- Corporate Travel Management (CTD) shares rise to a six-month high after winning a Bridging Accommodation and Travel Services contract from the UK Home Office
- The two-year contract, which began in March this year, has a total transaction value estimated by the Home Office of £1.6 billion (approximately A$3 billion)
- CTD says the work involves highly complex services and logistics support that will be delivered by an already-established team
- The company expects the deal to have a “significant impact” on further growth in the 2024 financial year and beyond
- Corporate Travel Management shares are up 10.42 per cent and trading at $20.87 at 1:14 pm AEST
Corporate Travel Management (CTD) shares have risen to a six-month high after winning a Bridging Accommodation and Travel Services contract from the UK Home Office.
The Home Office has estimated the total transaction value of the two-year contract, which began in March this year, at £1.6 billion (approximately A$3 billion). The contract comes with an option for a one-year extension.
CTD’s European operations brought in $924.3 million in total transaction value for the first half of the 2023 financial year, and while the exact value this new contract will provide is unclear, CTD said it expected the work to have a “significant impact” on further growth in the 2024 financial year and beyond.
The UK Home Office is based in London and is responsible for Britain’s immigration, security and law and order.
CTD said the work would involve “highly complex services and logistic support” that would be delivered by an “already-established dedicated team” that had the experience and specialised knowledge to support this work.
Corporate Travel Management shares were up 10.42 per cent and trading at $20.87 at 1:14 pm AEST.