How This Australian Corporate Travel Agency Managed to Escape With Just a $6 Million Yearly Loss
Photo Credit: Sydney, Australia. The country has been relatively cut off since imposing travel restrictions earlier this year. Unsplash / Jamie Davies
Skift Take
There have been layoffs, but the slimmed-down CTM is upbeat with its suitable mix of corporate customers and domestic business model. Will the optimism last?
In the early days of the coronavirus outbreak, Australia reacted quickly by closing its borders and enforcing a lockdown. It mostly worked.
Brisbane-headquartered Corporate Travel Management wasn’t all that different, swiftly cutting its workforce by 1,000 employees to reduce its overheads. This move, combined with a large market share of government and other essential services clients, has helped it weather the storm.
CTM posted a relatively strong set of full-year results Wednesday, just a week after rival Flight Centre Travel Group published its own upbeat statement to the Australian Securities Exchange. It was another early mover when it came to restructuring, unveiling plans to reduce its workforce of 20,000 employees by 6,000, closing 800 stores, in early April.
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However, the slimmed down agency duo are by no means bullet-proof against the virus, or the fallout from t
