Why is Corporate Travel Management stock collapsing today?

Corporate Travel Management stock plunged 81.2% to A$3.03 on Thursday after the company’s shares returned to the ASX for the first time in over 12 months.

The ASX lifred a prolonged suspension on Corporate Travel after the company lodged its Preliminary Final Report for the financial year ended 30 June 2026. The suspension had been in place since 26 August 2025, triggered by a UK accounting scandal in which an independent investigation found the company’s former UK chief executive had forged customer agreements, overcharged clients, and retained funds owed to them.

The FY26 results themselves showed a meaningful operational recovery — net profit swung to A$17.7 million from a A$348.5 million loss in the prior year, with underlying EBITDA rising to A$113.6 million — but several factors tempered any positive reaction.

The financial statements carried a modified audit opinion, the board chose to pay no dividend despite the return to profit, and the company remained in negotiations to repay the UK government approximately £118 million in connection with overcharging related to its Bibby Stockholm asylum accommodation contract. The company had also been removed from the S&P/ASX 200 index in December 2025, stripping it of passive fund support upon reinstatement.

The broader market environment offered little relief, with the S&P/ASX 200 trading mildly higher.