Corporate Travel rides wave of UK contract to keep earnings afloat
Key Points
- Corporate Travel Management joins the frenzy of travel stock upgrades
- It’s facing a backlash in the UK over contracts for housing asylum seekers
- Earnings were much better in Europe, but analysts say this means ANZ was weak
The United Kingdom’s asylum seeker crisis has kept buoyant Corporate Travel Management’s earnings, as the travel agent banked “significantly larger” revenue from its European division to offset weakness back home.
Amid growing anger over the £1.6 billion ($3 billion) cost of a contract awarded to the Australian travel company to provide temporary housing on large vessels for those deemed to have arrived in the UK “illegally”, CTM said its earnings would be boosted by European earnings.
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