Corporate Travel Management Stock Plummets Over 80% as Trading Resumes After Year-Long Halt

Shares of Corporate Travel Management (ASX:CTD) plummeted on Thursday after trading resumed on the Australian Securities Exchange for the first time in a year. The stock collapsed as investors reacted to the fallout from a significant customer overcharging scandal and the company's delayed financial reports.

Market Reaction

The travel services company's shares plunged as much as 82.6% to A$2.80, a level not seen since September 2012, according to Investing.com. Prior to the halt, the stock last traded at A$16.07. The dramatic sell-off reflects deep investor concern over the company's governance and future financial stability following the prolonged trading suspension.

Context of the Suspension

Trading in CTM shares was suspended in August 2025 after the company failed to lodge its required financial statements. The delay stemmed from an investigation into accounting irregularities and a forensic review of its business practices, particularly within its U.K. operations.

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The review uncovered that clients had been overcharged by more than A$250 million. This included approximately £80 million related to contracts with the U.K. government, which resulted in the dismissal of the company's former U.K. chief executive, Michael Healy.

Financials and Path Forward

This week, CTM finally released its overdue accounts, reporting a net profit of A$17.7 million for fiscal 2026. This figure stands in stark contrast to the A$348.5 million loss recorded in the previous year, a result attributed partly to the absence of large goodwill write-downs.

To address the scandal's financial impact, the company has secured an A$175 million financing package to support repayments to affected customers. CTM stated that the resumption of trading followed the successful filing of its overdue financial reports with the ASX.