Corporate Travel Management has welcomed a 37 percent increase in its total transaction value (TTV) for the third quarter this year compared to the corresponding period last year.

Excluding any contribution from the etm Group, which CTM acquired earlier this year, the company saw its TTV rise from $112.6 million between July and September last year to $154.3 million this year.

The company’s managing director Jamie Pherous cited the growth to continued success in obtaining new clients and building on its current business.

“Client activity remains solid despite economic headwinds and profit contribution margins are in line with CTM expectations due to success in leveraging scalability in our cost base and systems without compromising service,” Mr Pherous said.