Corporate Travel Management Nears ASX Return After Accounts Finally Lodged
Synopsis
Corporate Travel Management could resume ASX trading after lodging its delayed audited accounts, following a major overcharging scandal and extensive financial remediation.
Corporate Travel Management could return to trading on the ASX as soon as Thursday after the embattled travel company finally lodged its audited full-year accounts, ending more than a year of uncertainty surrounding its finances and accounting practices.
The company reported a A$17.7 million net profit for the year ended June 30, compared with a A$348.5 million loss a year earlier, when substantial write-downs weighed on earnings.
Deloitte issued a qualified audit opinion after identifying areas where it could not obtain sufficient audit evidence, including customer liabilities linked to erroneous billing, liquidity forecasts, revenue recognition and trade receivables.
Overcharging Scandal Leaves Lasting Financial Impact
Corporate Travel Management’s accounts were delayed after an investigation uncovered customer overcharging of up to A$272 million across the UK, Australia and New Zealand. The company has since been working through a large remediation program with about 78% of refunds agreed or close to finalisation by the end of June.
The company has also secured a A$175 million funding facility from Pacific Equity Partners’ private credit arm to help finance customer repayments. Corporate Travel Management held A$106.9 million in cash at June 30 while total remediation requirements were estimated at about A$246 million.
The ASX will now consider Deloitte’s qualified opinion before deciding whether Corporate Travel Management’s shares can resume trading. The stock has been suspended since August 2025, leaving investors without a market price for more than a year.
Core Business Shows Signs of Resilience
Despite the accounting crisis, Corporate Travel Management reported A$669.9 million in FY26 revenue and said it retained about 97% of client transaction volume. It also secured A$669 million in new business wins during the year.
July trading, however, was softer, with revenue falling to A$53.3 million from A$58.3 million a year earlier.
An Australian government audit of Corporate Travel Management’s account which represents roughly one-third of its regional transaction volume, found no evidence of widespread or systemic overcharging.
The company now faces a critical test. A return to the ASX would restore liquidity for shareholders but investors must weigh Corporate Travel Management’s resilient underlying business against the financial and governance consequences of the scandal.
Source: Financial Review
Vishal is an experienced Editor at Inspirepreneur Magazine with key interests in artificial intelligence, eCommerce, entrepreneurship, lifestyle and startup sector. Prior to joining Inspirepreneur, he was a Content Writer cum Correspondent at Siliconindia Magazine, where he worked on Company Profiles, Cover Stories, Executive Profiles, Feature Articles and Thought Leadership content.
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