By Stuart Condie
SYDNEY–Australian travel-services company Corporate Travel Management said it will buy back up to 100 million Australian dollars (US $63.5 million) in shares.
The ASX-listed company on Wednesday said that it planned to implement the on-market buyback from Nov. 15. It will purchase no more than 10% of shares on issue, it said.
“The share buyback program enhances our shareholder returns and complements the company’s intentions to pay dividends in the future,” the company said in a market filing.
The company this month said it was considering capital options including a buyback, dividends and acquisitions.
With corporate travel activity reviving following the abolition of Covid-related travel restrictions, revenue for the first three months of the company’s 2024 fiscal year was up 36% on-year, with earnings margins expanding to 30.1% from 15.9%.
Write to Stuart Condie at [email protected]