Corporate Travel Management returns to profit after scandal

Corporate Travel Management (CTM) has returned to profitability for fiscal year 2026, reporting a net profit after tax of $17.7 million. This marks a $366.2 million swing from a $348.5 million loss in the previous year. The Brisbane-based company, listed on the ASX, reported underlying EBITDA of $113.6 million, a 36 per cent increase over FY25.

The financial turnaround follows a period of significant instability, including a suspension of its ASX securities and a scandal involving $272 million in customer overcharging, notably involving the British government. CTM has since implemented governance overhauls and secured an agreement with the UK government for a lower repayment amount. To support its remediation program, the company obtained $175 million in funding from Pacific Equity Partners.

Despite the return to profit, the company's re-listing on the ASX saw a substantial share price decline. Shares commenced trading at approximately $2.90, an 80.5 per cent decrease from the pre-suspension price of $16.07. CEO Ana Pedersen noted that while the company achieved significant earnings improvements and maintained a 97 per cent customer retention rate, work remains regarding governance reviews and board refreshing.