Corporate Travel’s Founder Makes First Insider Buy in Three Years

Corporate Travel Management Ltd (ASX:CTD), also referred to as CMT, is a worldwide provider of inventive and economical travel services encompassing corporate, events, leisure, loyalty, and wholesale travel. Their method combines great personal service with advanced technology to give their clients a real return on their investment.

As of February 22, 2024, CTD stock concluded at 16.36 AUD, with a current market cap nearly reaching 2.84 billion AUD. The company achieved a successful listing on the Australian Securities Exchange (ASX) in 2010.

Founder Invests in CTD

On February 22, 2024, Corporate Travel’s Founder and CEO, James Michael Pherous bought up to 87,500 shares of CTD. This trade amounted to almost $917,000 worth. Not only is CEO Pherous’s trade of CTD the first by an Insider in 2024, it is Pherous’s first stock trade since 2021.

Jamie Pherous founded Corporate Travel Management in Brisbane in 1994, growing it into one of the world's largest travel management companies. Before, he worked at Arthur Andersen (now EY) as a Chartered Accountant, focusing on business services and financial consulting across Australia and other countries. Since May 2008, Pherous has served as a Director at the company as well.

In the News 

A day before CEO Pherous’s investment, Corporate Travel disclosed its Half Year 2024 results. The company reported record financial performance with a revenue rise of 25% year-on-year, rising to almost 363.7 million AUD during the period. In addition to winning clients, they reported a strong balance sheet with no debt and up to 131.3 million AUD worth of cash reserves. 

Furthermore, back on October 25, 2023, CMT announced a 100 million AUD buyback plan commencing from November 15.  

The disclosure of record financial performance in the Half Year 2024 results further solidifies CTD's position, boasting a robust balance sheet and a significant buyback plan. With a 'Buy' rating from 18 analysts and a track record of success, Corporate Travel Management Ltd. remains a compelling investment opportunity in the travel industry.