Corporate Travel Management (CTM) has returned to the Australian Securities Exchange (ASX) after more than a year of suspended trading, following the release of its FY26 results.
Shares were down more than 80 per cent this morning, nosediving from just over $16 to $3.29. According to The Australian, CTM founder Jamie Pherous saw the value of his shares drop from nearly $270 million to $43 million following the drop.
CTM had its shares suspended from the ASX in August last year following accounting irregularities in its UK operations. Trading has resumed today after more than a year.
On Monday it was revealed that CTM had been cleared of systemic overcharging in Australia, with an independent audit finding no major concerns despite the company facing a major overcharging issue in the UK.
In the UK, the company was found to have potentially overcharged customers by about $222 million across the 2023-24 and 2024-25 financial years. However, the review found a key difference between CTM’s Australian and UK operating models that provides greater visibility over transactions in Australia.
Yesterday CTM also reported a $17.7 million profit for FY26, after announcing a loss of $348.5 million for FY2025. Following the results it announced on the ASX that shares will begin trading as of this morning.
