Acquiring Travelcorp Holdings and the etm Group earlier this year has more than doubled Corporate Travel Management’s (CTM) profits for the financial year 2011.

In the company’s annual shareholders report, it highlighted that for the year ending 30 June 2011, profits before income tax rose from $4.7 million last year to $11.6 million.

Profits after tax also hiked to $8.2 million from $3.3 million, while its growth over the past five years has exceeded by 44 percent, with its total transaction value (TTV) rising from $16 million in financial year 2001 to $502 million this year.

CTM chairman Tony Bellas said in the report that since the purchase of Travelcorp Holdings in January this year, the company’s footprint has expanded across Australia.

“The past year also saw the Company achieve continued strong organic growth of its business in challenging global economic and market conditions, which together with the Travelcorp acquisition, enabled CTM to achieve record levels of turnover,” the chairman explained.

He added that since acquiring the company, the cost to serve has lowered however, offerings to clients has increased and assisted in strategic growth opportunities.

Speaking of the company’s purchase of the Melbourne-based etm Group in August this year, Mr Bellas said it provided depth to CTM’s corporate services.

“With its [etm’s] complementary MICE and VIP Leisure offerings, [it] enabled CTM to present a complete, integrated corporate travel solution to its clients,” he explained.