Corporate Travel Management on Thursday will resume trading on the Australia Securities Exchange for the first time more than a year as the Australia-based travel management company has published the remaining financial results required for its relisting.
On Tuesday, CTM released its full-year results for its 2026 fiscal year, which ran through June 30, 2026, following last week's publication of its long-delayed accounts for the 2025 fiscal year and the first half of the 2026 fiscal year amid the TMC's overcharging crisis. CTM had been required to submit all three sets of financial results before ASX would consider allowing the company’s shares, which have been suspended since August 2025, to start trading again.
The TMC has also reached binding deals to refund most UK clients who were impacted by overcharging, including the UK government.
CTM’s FY2026 accounts showed a 4 percent year-over-year increase in revenue and other income to A$669.9 million (US$480.2 million) — up from A$643.4 million (US$461.3 million in 2025, with total transaction value rising by 2 percent year over year to A$9.8 billion (US$7 billion), as transaction volumes increased by 13 percent to 18.3 million globally.
The company’s underlying EBITDA increased by 36 percent year over year to A$113.6 million (US$81.4 million), while net profit after tax was A$17.7 million (US$12.7 million), compared with a loss of A$348.5 million ($US249.9 million) in 2025.
CTM also highlighted a "significant improvement" in earnings performance in Australia/New Zealand and Europe in its FY2026 report. Revenue in Australia/New Zealand rose by 6 percent year over year to A$181.4 million (US$130.1 million), while Europe’s "turnaround" saw a 34 percent rise in revenue to A$113.7 million (US$81.5 million). EBITDA in North America for the fiscal year was "broadly in line" with the previous fiscal year at A$62.3 million (US$44.7 million).
In a statement, CTM managing director and CEO Ana Pedersen said the TMC had A$669 million in new business wins for the fiscal year and A$1.5 billion of renewals and re-tenders.
"This demonstrates the confidence customers continued to place in CTM throughout FY26 and provides clear evidence of the quality of CTM's customer service and value proposition," according to Pedersen. "While our earnings remain below historical levels, and there is still work to do, FY26 demonstrates meaningful progress in stabilizing the business, strengthening our foundations and positioning CTM for growth."
Audit: No Issues with Australian Gov't Overcharging
This week, Australia's Department of Finance announced it has completed an audit it had been conducting since the accounting issues were discovered. That audit found "no major concerns" in review of the application of travel charges, fees, refunds and booking practices for accommodation, air fares and group travel arrangements with its contract with CTM.
"The testing did not identify any systemic issues or material instances which would indicate overcharging practices have impacted the Australian government travel arrangements," according to the department's report.
That finding is good news to CTM, with its lucrative contract with the Australian government set to expire next June. New Zealand's government last month suspended use of CTM from its travel management framework, but the TMC also renewed a contract with the U.K. Ministry of Defence last month.
CTM Taps Vet Harvey to European Post
Stewart Harvey
CTM also announced that it has appointed former BCD Travel EMEA president Stewart Harvey as CEO of its UK and Europe division. The company said that industry veteran Harvey would take up his new position on Sept. 7.
He will take over from group chief operating officer Eleanor Noonan, who has been acting as interim CEO of CTM's troubled UK and Europe division since December 2025, following the dismissal of Michael Healy from the role.
Harvey, who spent five years as president of the EMEA region at BCD Travel, also previously worked for HRG for more than 20 years, including a spell as commercial director. He has been a partner at communications and events agency Kintela for the past 18 months.
In a statement, CTM said he "brings deep knowledge of the UK and European corporate travel market, strong commercial experience and an extensive track record of leadership across the sector."