Corporate Travel Management shares crash 80% on trading resumption after scandal

Shares of Corporate Travel Management (ASX:CTD) plunged up to 82.6% to A$2.80 on Thursday, their lowest since September 2012, upon resuming trade after a year-long suspension, as investors reacted to delayed financial results and a major overbilling scandal. The stock fell from its last traded price of A$16.07 before the suspension, which began in August 2025 after the company failed to file financial statements amid an investigation into accounting irregularities and client overbilling, particularly in its UK operations. A forensic probe found clients were overcharged by more than A$250 million, including about £80 million involving the UK government, leading to the dismissal of former UK chief executive Michael Healy. Earlier this week, CTM reported a net profit of A$17.7 million for fiscal year 2026, versus a A$348.5 million loss a year earlier, aided by the absence of major goodwill write-downs. The company secured a A$175 million financing package to support client repayments, with trading resuming after filing its overdue annual accounts with the ASX.