Australia's Corporate Travel loses $1.44 billion in market value after trade resumes (updated)

Corporate Travel Management

03/09/2026 02:14

Stock sinks 85.6% in worst session on record
Shares resume trading after more than a year
Difficult to forecast opex, other key variables, Jefferies says
Updates with background and analyst comments in paragraphs 6-8
By Shivangi  Lahiri and Keshav SinghChundawat
Sept 3 (Reuters) - Shares of Australia's Corporate Travel Management CTD.AX plunged nearly 86% on Thursday in their worst day on record after trading resumed following a year-long suspension over delayed financial results.
The stock closed down 85.6% at A$2.32, compared with A$16.07 before the halt, wiping A$2.01 billion ($1.44 billion) of market value from the company and hitting its lowest level in 14 years.
The business travel management services provider has been under pressure since mid-2025 over accounting issues linked to its UK operations.
Its shares were suspended from ASX trading in late August last year after the company missed a deadline for its 2025 annual results and said it would reassess how it booked revenue in the unit.
The sharp selloff on Thursday came even as Corporate Travel  earlier this week reported a net profit after tax of A$17.7 million for the year ended June 30, 2026, after a net loss attributable of A$348.5 million in fiscal 2025, when goodwill write-downs pushed it into the red.
In its results, the company said its priorities were to complete remediation work, strengthen its balance sheet and improve governance and controls. It also said trading in the first month of the new fiscal year was broadly in line with expectations.
The challenge is whether the underlying business can retain clients, win new business and improve profitability while management works through the remaining legacy issues, said Cliff Man, CEO of ETF Shares.
"The underlying business has continued to make progress, so there should not be too much concern about sacrificing growth opportunities if it allows the company to rebuild trust," said Man.
The wider Australian corporate travel sector has also faced weaker conditions, with both the company and rival Flight Centre FLT.AX citing disruption from the conflict in the Middle East weighing on demand, especially in leisure travel.
"Given the extremely challenging situation, it is very difficult to forecast key variables including client retention, new client wins, take rate and opex," analysts at Jefferies said in a note.

($1 = 1.3965 Australian dollars)

 (Reporting by Shivangi Lahiri and Keshav Singh Chundawat in Bengaluru; Editing by Subhranshu Sahu)
 ((Shivangi.Lahiri@thomsonreuters.com; Keshav.SinghChundawat@thomsonreuters.com))