Corporate Travel Management shares plunge 80% as trade resumes after a year

Corporate Travel Management (CTM) shares in Australia plummeted by as much as 82.6% to A$2.80, their lowest level since September 2012, upon resuming trading Thursday following a year-long hiatus. The sharp decline came as investors reacted to the travel services company's delayed financial results and a major overcharging scandal.

Traders had been suspended since August 2025 after CTM failed to file its financial statements amid investigations into accounting irregularities and customer overcharging, particularly in its UK business. A forensic investigation revealed that clients were overcharged by over A$250 million, including about £80 million involving Britain's government. Former UK CEO Michael Healy was also dismissed in the fallout.

CTM reported a significant turnaround this week, revealing an A$17.7 million net profit for fiscal 2026, compared to an A$348.5 million loss the previous year. This improvement was attributed to the absence of large goodwill write-downs. To support customer repayments, CTM secured an A$175 million financing package. The company's shares resumed trading after it filed its overdue accounts with the Australian Securities Exchange (ASX).