The Brisbane-based travel company reported a bottom line loss for the December half of $8.6 million, a 76 per cent improvement on the same period in the previous year. Revenue was up 180 per cent for the half.

Shares in the company jumped more than 4 per cent after the announcement.

It said it was now targeting an EBITDA of $265 million in “full recovery” compared with the $150 million it earned pre-pandemic.

However, it has not said when that would occur and has not provided profit guidance for the rest of 2022 because of the uncertainty caused by Covid-19.

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The company expects impediments to international travel would be minimal by the fourth quarter of 2022 and it was already experiencing a rapid recovery “that is compounding week on week”.

Last week the company recorded a trading day with an excess of $US10 million, which it said was a key milestone in the recovery. Its European division was also back in profit after reporting a record underlying EBITDA of $20.9 million.

Australia and New Zealand also edged back into the black with an underlying EBITDA of just below $1 million. Both countries were affected by lockdowns during the December half.

Managing director Jamie Pherous said CTM was a much larger business with greater exposure to north America, which was rebounding quickly, along with the UK.

“Revenue in north America is now above pre-COVID levels, pointing to the potential of the business when the travel market fully recovers,” Pherous said.

“Strategic mergers and acquisitions have made north America our largest region and integration execution is well advanced.

“Because of our expanded global footprint and strong financial position we are targeting EBITDA of $265 million in full recovery compared with $150 million pre-pandemic.”