Shares of Corporate Travel Management Ltd (ASX: CTD) have lifted 2.4% today to $12.28 after the company reported its half-year earnings results for financial year 2016.

The travel management business enjoyed another terrific period of growth, recognising a 43% leap in revenue and other income to $119.7 million. Its reported earnings results were boosted by one-off net revenue items after tax totalling $2.4 million, but underlying EBITDA and NPAT rose 38% and 36%, respectively.

Meanwhile, Total Transaction Value (TTV) rose 54% to $1,722.7 million and net cash flows from operating activities almost doubled to $42.9 million. The company also reaffirmed its guidance for underlying EBITDA to be at the top end of guidance for the full-year around $68 million.

Unlike other businesses growing by acquisition, such as G8 Education Ltd (ASX: GEM) – where much of the growth is generated through acquisitions – much of Corporate Travel Management’s growth was produced organically which is particularly pleasing. In fact, it said that organic growth represented 73% of total TTV, 54% of revenue and 80% of underlying EBITDA growth. It performed particularly well in its two largest regions, being Australia and New Zealand, as well as Asia.

What is also pleasing is that the company has maintained a very strong balance sheet, with cash and cash equivalents of $54.2 million at the end of the period (compared to $40.7 million six months previously) with no debt. That puts it in an excellent position to weather any headwinds facing the economy, whilst also allowing it to continue consolidating the industry.

Although the company’s share price has risen strongly over the last five years or so, it could still make for a reasonable buy for long-term investors. The shares are currently changing hands for $12.28 which is 10% below their 52-week high price.

Our BEST stock idea for 2016 - FREE!

Our top analysts have recently selected their TOP stock idea for 2016, and with share prices falling, it could be the BEST time to buy! This relatively unknown technology share is growing rapidly and offers a fat, fully franked dividend! Best of all: their top stock idea for 2016 is yours FREE! Just click here, enter your email address and claim your free report - no payment or credit card required!

HOT OFF THE PRESSES: Motley Fool’s #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our https://www.fool.com.au/financial-services-guide">Financial Services Guide (FSG) for more information.

Motley Fool contributor Ryan Newman has no position in any stocks mentioned. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. You can follow Ryan on Twitter @ASXvalueinvest.

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.