The ASX 200 closed at a 10-week low of 8,741.2 points on Friday.

Here are some fresh stock ratings from the experts.

Corporate Travel Management Ltd (ASX: CTD)

The Corporate Travel Management share price increased 9.33% to $2.46 last week.

Corporate Travel Management resumed trading on 3 September after reporting its audited FY25 and FY26 figures.

The stock was suspended in August last year.

Morgans resumed coverage of this ASX travel share with a buy rating and a 12-month price target of $3.06.

The broker said: 

Material earnings restatements have been made. Following years of overcharging clients, CTD will refund them A$246m by 30 September 2027, supported by its new A$175m debt facility. FY27 guidance will be provided at the AGM.

We forecast earnings to fall materially due to a higher AUD, reduced special project work and higher corporate costs. Earnings growth should resume from FY28 given new management's strategy.

The acceleration of new client wins in the first two months of FY27 is encouraging.

Given what has gone on, it will take time for confidence to rebuild and risks remain. However, we think CTD is a turnaround story under new leadership with material upside potential if it executes.

Wesfarmers Ltd (ASX: WES)

The Wesfarmers share price fell 6.32% to $72.82 last week.

James Bills from Shaw and Partners has a hold rating on this ASX 200 consumer discretionary share. 

Bills said (courtesy The Bull):

Wesfarmers remains one of Australia's premier diversified companies. It's supported by market leading businesses, including Bunnings, Kmart and Officeworks.

The company's strong balance sheet, disciplined capital allocation and resilient earnings profile continue to underpin shareholder value.

While growth opportunities remain available across several divisions, recent share price levels appear to reflect much of this quality.

Holding Wesfarmers remains appropriate given the company's strong market position, dependable cash generation and proven ability to create value over the long term.

Fortescue Ltd (ASX: FMG)

The Fortescue share price declined 3.19% to $16.67 last week.

Joshua Baker from RaaS Group has a sell rating on this ASX 200 mining share. 

Baker said: 

The iron ore producer generated revenue of $US16.966 billion in full year 2026, up 9 per cent on the prior corresponding period.

Statutory net profit after tax of $US2.860 billion was down 15 per cent, which included a $US525 million non-cash impairment charge relating to the Iron Bridge project and a $US73 million compensation claim expense.

The final, fully franked dividend of 46 cents a share was down from 60 cents a year ago.

Capital expenditure and investment guidance for full year 2027 is forecast to increase over full year 2026.

The outlook for the iron ore price isn't as appealing as other commodities.

The share price has fallen from $22.99 on May 14 to $17.22 on September 10.

The post Buy, hold, sell: Corporate Travel Management, Wesfarmers, Fortescue shares appeared first on The Motley Fool Australia.

Three broker buy ratings that you might want to know more about are summarised below. Here's why brokers think these ASX shares are in the buy zone:

Corporate Travel Management Ltd (ASX: CTD)

According to a note out of Morgans, its analysts have resumed coverage on this corporate travel specialist's shares with a buy rating and $3.06 price target. Morgans notes that after a long suspension, Corporate Travel Management has returned to trade after lodging its FY 2025 and FY 2026 audited accounts. This has seen material earnings restatements in response to years of overcharging clients and will result in refunds of $246m by September 2027. While this is clearly disappointing, Morgans remains positive. It believes earnings growth should resume from FY 2028 given new management's strategy. This view is supported by the acceleration of new client wins in the first two months of FY 2027, which the broker sees as encouraging. Overall, the broker believes it is a turnaround story under new leadership with material upside potential if it executes. The Corporate Travel Management share price ended the week at $2.46.

Life360 Inc. (ASX: 360)

A note out of Citi reveals that its analysts have retained their buy rating and $28.80 price target on this location technology company's shares. Citi was pleased to see Life360's app downloads accelerate to 8% growth year-on-year in August from flat growth in July. This was driven largely by its US business, which delivered a record month. Looking ahead, the broker believes Life360 is well-placed to deliver a marked improvement in its EBITDA margin in the fourth quarter. This is expected to be supported by seasonal advertising and hardware revenue. The Life360 share price was fetching $19.73 at Friday's close.

Metcash Ltd (ASX: MTS)

Analysts at Macquarie have upgraded this wholesale distributor's shares to an outperform rating with a $3.20 price target. According to the note, the broker was pleased with Metcash's trading update, highlighting that food sales were better than expected. And while its growth in the liquor segment was softer, it believes that the company is winning market share. Cost pressures are weighing on margins, but overall, Macquarie remains positive on the investment opportunity here and is recommending it to clients. The Metcash share price ended the week at $2.83.

The post Top brokers name 3 ASX shares to buy next week appeared first on The Motley Fool Australia.

Its shares were suspended for 13 months because the company couldn't complete its audited financial accounts while an investigation into its billing practices was underway.

The investigation found that the company had overcharged clients by more than $250 million. This included around £80 million relating to UK government contracts.

The stock last traded at $16.07 before the halt began in August 2025.

On their first day back, shares crashed a monumental 85%, and are now hovering around $2.13. 

So is this a bargain buy, or simply too big of a risk?

The bull and bear case

Despite the negative headlines, the underlying business is still performing reasonably well. 

FY26 revenue rose to $670 million, and underlying EBITDA increased 36% to $114 million. The company also returned to a statutory profit of $17.7 million. 

It also continued to win and renew large contracts, suggesting customers haven't abandoned the business.

However, the big risk is that the problems aren't completely behind the company yet. 

Revenue also fell in July compared with the previous year, which raises questions about whether the business is actually recovering. 

If the liabilities increase, customers leave, or it needs to raise more capital, shareholders could suffer further losses or dilution. 

On the other hand, if Corporate Travel Management finishes the repayments, avoids further problems, gets a clean audit opinion and returns to growth, the current share price could prove very cheap. 

In simple terms, it is potentially a good business at a distressed price. But buying it now is a high-risk bet that the worst is over.

What is Morgans saying?

In a note out of Morgans this week, the broker said it believes Corporate Travel Management is a "turnaround story under new leadership."

Following years of overcharging clients, it will refund them A$246m by 30 September 2027, supported by its new A$175m debt facility. 

FY27 guidance will be provided at the AGM. We forecast earnings to fall materially due to a higher AUD, reduced special project work and higher corporate costs. Earnings growth should resume from FY28 given new management's strategy. The acceleration of new client wins in the first two months of FY27 is encouraging. Given what has gone on, it will take time for confidence to rebuild and risks remain. However, we think CTD is a turnaround story under new leadership with material upside potential if it executes. We resume coverage with a BUY and A$3.06 PT.

From the current share price, this indicates an upside potential of over 40%. 

Foolish takeaway 

Corporate Travel Management is a high-risk turnaround investment. While the underlying business shows signs of recovery, significant customer liabilities, a modified audit opinion, and weakening recent revenue leave the company financially uncertain. 

Investors are effectively betting that no further major problems emerge and that it can resolve its liabilities and return to sustainable growth. 

But if that doesn't happen, further losses or shareholder dilution are possible.

The post Corporate Travel Management recently resumed trading – Here's why it could be a buy appeared first on The Motley Fool Australia.

The stock only returned to the ASX last Thursday after more than a year suspended from trading. Investors wasted little time selling, sending Corporate Travel shares crashing 86% on their first day back to close at $2.32.

After briefly stabilising, the selling resumed on Wednesday. The shares fell another 9% to $2.03 during afternoon trading.

And shareholders have another headache to contend with.

Potential class action adds to investor concerns

Law firm Phi Finney McDonald is investigating a potential class action against Corporate Travel Management and its former auditor, PwC Australia.

According to the law firm's website, the investigation concerns alleged financial misreporting over several years. The potential class action would allege Corporate Travel misled investors in its annual financial reports between 2020 and 2024, potentially contravening its continuous disclosure obligations under the Corporations Act.

PwC Australia is also alleged to have engaged in misleading or deceptive conduct and made false statements regarding its auditing of Corporate Travel's financial reports in accordance with applicable standards.

The proposed action would allege that this conduct caused Corporate Travel shares to trade at an inflated price, resulting in losses for investors who bought shares during the relevant period.

Roop Sandhu, Principal Lawyer at Phi Finney McDonald, notes:

Investors have a right to expect that financial statements from their listed investments are a true and fair reflection of the company's performance. They are rightfully concerned about their investments in Corporate Travel due to its long term suspension. Likewise, investors have a right to assume that an auditor's standards meet the relevant legislation and regulatory requirements.

No class action has been filed at this stage. Nevertheless, it's another issue shareholders could probably have done without.

Some signs of progress

Corporate Travel shares were suspended in August 2025 after accounting problems emerged around customer charge rates in its UK operations.

Since then, the company has been working through a significant customer remediation program. Corporate Travel has agreed or is close to finalising around 78% of refunds, leaving roughly $55 million still to resolve.

There are, however, some encouraging signs in the underlying business.

Corporate Travel's FY26 result showed revenue and other income increasing 4% to $669.9 million. Underlying EBITDA jumped 36% to $113.6 million.

The company also returned to profitability, reporting net profit after tax (NPAT) of $17.7 million, compared with a $348.5 million loss a year earlier.

Foolish takeaway

Corporate Travel's underlying business appears to be making progress. However, investors are being asked to look beyond an extraordinary amount of uncertainty.

The remediation program still has work to do, while the potential class action adds another layer of risk. Most importantly, the return of Corporate Travel shares to trading has demonstrated just how quickly investor confidence can evaporate when a company's financial reporting comes under scrutiny.

For prospective investors, the question may not simply be whether Corporate Travel shares look cheap after their spectacular collapse. It's whether the market has enough information yet to confidently say the worst is over.

The post Corporate Travel shares plunge another 9%: Is the worst yet to come? appeared first on The Motley Fool Australia.

After more than a year suspended from trading, the stock crashed 86% on its first day back to close at $2.32. The selling continued on Friday, with Corporate Travel shares dropping another 3% to finish the week at $2.25.

The shares are rebounding slightly today, up 4% to $2.35 at the time of writing. Even with that recovery, they remain around 85% below the $16.07 level they were trading at before the suspension.

And investors now have another problem to think about.

Another legal headache

According to The Australian, law firm Phi Finney McDonald is investigating a potential class action against Corporate Travel Management and its former auditor, PwC Australia.

The law firm said it was "well advanced in its investigation" into what it described as financial misreporting over several years.

Any class action would allege that Corporate Travel misled investors through its annual financial reports over a multi-year period up to 2024, in breach of the Corporations Act.

It would also allege PwC engaged in misleading or deceptive conduct and made false statements about its auditing of the company's financial reports.

Phi Finney McDonald principal lawyer Roop Sandhu told The Australian that investors were "rightfully concerned about what has happened to their investments".

At this stage, no class action has been filed, but it is another issue shareholders could probably have done without.

Some signs of progress

Corporate Travel shares were suspended in August 2025 after accounting problems emerged around customer charge rates in its UK operations.

Since then, the company has been working through a large customer remediation program. Around 78% of refunds have been agreed or are close to finalisation, leaving roughly $55 million still to be dealt with.

The FY26 result did at least show the underlying business is moving in the right direction.

Revenue and other income rose 4% to $669.9 million, while underlying EBITDA increased 36% to $113.6 million. Corporate Travel also returned to profit, reporting net profit after tax (NPAT) of $17.7 million compared with a $348.5 million loss a year earlier.

Transaction volumes climbed 13% to 18.3 million, while the company secured $669 million of new business and $1.5 billion of re-tenders and renewals during the year.

Would I buy Corporate Travel shares?

I can see why some investors might look at the $2.35 share price and wonder whether most of the bad news is already priced in.

The business is still operating, earnings improved in FY26, and the shares have already taken a huge hit.

But I'd still be staying on the sidelines.

There's a sizeable remediation bill to work through, the accounts carry a modified audit opinion, and there is now another potential legal issue hanging over the company.

After everything that has happened over the past year, I'd want to see a few of these issues resolved before considering the shares.

The post Where does it end? Corporate Travel hit with another blow after crashing 85% appeared first on The Motley Fool Australia.

Three well-known companies reduced or removed their payouts entirely.

Why these ASX dividend shares reduced their payouts

A dividend cut is not always a distress signal.

Sometimes it reflects a commodity cycle turning over, and sometimes it reflects a board choosing to spend money on the business instead.

However, occasionally it reflects a company that simply has nothing left to pay out with.

All three ASX dividend shares below fall into a different one of those buckets.

1. ASX Ltd (ASX: ASX)

ASX Ltd is the odd one out on this list.

The exchange operator had a strong year, growing operating revenue by 13.3% to $1.25 billion in FY26. Underlying net profit after tax rose 5.2% to $536.4 million.

Shareholders still received less, with the fully franked full-year dividend coming in at 206.5 cents per share, down 7.5% on the prior year.

The explanation is due to the cost line.

Total expenses climbed 21.1% to $557.4 million as the company funded its technology rebuild, the ongoing Accelerate program and one-off costs arising from the ASIC Inquiry.

Guidance points to more of the same, with FY27 expense growth of 18% to 21% and capital expenditure between $180 million and $200 million.

Interim chief executive Darren Yip, said the following:

It has been a highly consequential year for ASX in FY26. In the past 12 months we navigated significant external scrutiny, while continuing to operate critical market infrastructure through an exceptionally active and volatile period for markets. Against that backdrop, we continued to modernise our technology, introduce new products and serve our customers.

2. Whitehaven Coal Ltd (ASX: WHC)

Whitehaven Coal made the most straightforward dividend cut of the three.

The company's full-year dividend fell to 10.0 cents fully franked, from 15.0 cents the year before.

That is a reduction of exactly one third.

Underlying net profit after tax dropped to $227 million from $319 million, while revenue slipped 7% to $5.4 billion on an average achieved coal price of A$202 a tonne.

The operations themselves performed well.

Managed run-of-mine production rose 3% to 40.3 million tonnes, at the top end of guidance.

Unit costs fell to $132 a tonne from $139, which makes this a coal price problem.

Chief executive Paul Flynn had the following to say about the dividend cut:

Whitehaven will return up to $159 million of capital to shareholders in respect of FY26, including a fully franked final dividend of 6 cents per share to take the full-year dividend to 10 cents, together with an equivalent amount of capital returned through Whitehaven's on market share buy-back program.

3. Corporate Travel Management Ltd (ASX: CTD)

Corporate Travel Management did not cut its dividend; rather, it abandoned it.

Payments remain suspended after thirteen months of trading suspension.

The company resumed trading on 3 September and promptly lost around 80% of its value.

FY26 itself was not the problem, with revenue and other income rising 4% to $669.9 million while underlying EBITDA climbed 36% to $113.6 million.

The obstacle is a customer remediation liability forecast near $234 million alongside a modified audit opinion.

Foolish takeaway

A dividend cut tells you what a board thinks about the next twelve months.

On that basis I find Whitehaven the least worrying of these ASX dividend shares, because the cash is still being returned through buybacks.

ASX Ltd is the harder call, since the spending is material but the revenue growth has not yet reached shareholders.

Corporate Travel is not an income stock at all right now.

Income investors should not necessarily panic when one of their holdings cuts their dividends: sometimes there are very good reasons for such an action, other times, it can reveal troubling underlying issues with the company.

The post 3 ASX shares that cut their dividend this reporting season appeared first on The Motley Fool Australia.

The stock last traded at $16.07 before the halt began in August 2025.

It reopened near $3 and fell away from there.

That represents a decline of roughly 80% for a business that carried a $2.2 billion market capitalisation prior to its trading pause.

Why Corporate Travel Management shares were suspended at all

In essence, Corporate Travel Management could not lodge audited accounts while an investigation into its billing practices ran its course.

At the centre of it was more than $250 million of client overcharging, including roughly £80 million tied to UK government contracts.

The ASX gave the company until 31 August to file or lose its listing altogether.

It filed on 2 September and resumed trading the following day.

What the delayed accounts eventually showed

FY25 was a horrible year for Corporate Travel Management.

The company reported a statutory loss of $348.5 million, driven by $357.7 million of goodwill impairments spread across Europe, Australia, and North America.

However, FY26 was different.

In FY26, revenue and other income rose 4% to $669.9 million while underlying EBITDA climbed 36% to $113.6 million.

Statutory net profit after tax reached $17.7 million, a swing of more than $366 million in twelve months.

Total transaction value hit $9.8 billion across 18.3 million transactions, with volumes up 13%.

Chief executive Ana Pedersen said the following of the results:

While our earnings remain below historical levels and there is still work to do, FY26 demonstrates meaningful progress in stabilising the business, strengthening our foundations and positioning CTM for growth.

The liability still on the balance sheet

Despite this positive momentum, investors may want to remain cautious. Customer-related liability stood at $260 million at 30 June 2025 and was forecast at $234 million a year later.

Roughly 78% of refunds are agreed or close to final, leaving about $55 million still to remediate.

Cash on hand is $106.9 million, supported by a $175 million committed facility from PEP Credit.

Dividends remain suspended, and the accounts carry a modified audit opinion.

These details will together keep a lot of institutional money out of Corporate Travel Management shares for now.

One piece of good news

The Department of Finance completed an independent review of the company's Commonwealth travel arrangements on 31 August.

In its findings, it found no evidence of widespread or systemic overcharging on Australian Government contracts.

That is important because government work represents a meaningful slice of the revenue base.

Client retention held up elsewhere, too.

The company secured $669 million of new business wins and $1.5 billion of re-tenders and renewals across FY26.

What has to go right for Corporate Travel Management shares

Three things need to go right for Corporate Travel Management shares for the company to recover.

Firstly, the remediation has to finish without the liability growing again.

Trading has to stabilise, and early FY27 is not encouraging on that front. July revenue came in near $53.3 million against $58.3 million in the same month last year.

The company also needs a clean audit opinion, and further guidance is not due until the annual general meeting in November.

Foolish takeaway

Corporate Travel Management shares are now priced as a distressed turnaround stock.

The company's FY26 results show an operating company that can still produce strong operational numbers.

However, what the results do not show is a settled balance sheet or a stable shareholder register.

Anyone buying here is betting that everything bad has now been disclosed.

I would want to see the FY27 accounts and an unqualified audit opinion before treating this stock as anything other than pure speculation.

The post Corporate Travel Management shares crashed 80% on their first day back. What happened? appeared first on The Motley Fool Australia.

A shellacking.

I'm pretty sure it was the biggest percentage and dollar drop I've ever suffered in a single day.

The reason?

One of my larger shareholdings, Corporate Travel Management Ltd (ASX: CTD), resumed trading… more than a year after the shares were suspended from trade because the company hadn't lodged its accounts.

The reason for that? CTM had uncovered systemic overcharging in parts of its business, and the more it looked, the more it found. The company spent that year getting to the bottom of the problem and then, crucially, trying to work out if it could repay its customers without going broke.

It thinks it can. It lodged its accounts. And the company's shares resumed trading.

And then? The shares fell 85%. 'Ouch' doesn't even begin to describe it.

The thing is, yesterday's news was actually better than many had feared. Some speculated that it would never trade again. Others thought the fall might have been 90% or 95%. Or more.

CTM had sporadically updated shareholders on its progress, too, so we all knew what was happening. The only unknown was when the shares would start trading and how bad the carnage would be.

So, how do I feel?

Well, poorer, obviously.

And angry at the people inside the company who knew, or should have known, what was going on. And especially at those who (I should say 'allegedly' here, just to be safe) knowingly did the wrong thing.

Here's the thing, though: No-one outside the company knew it was happening. Even the company's previous auditors had signed off on the accounts, having presumably done the work of making sure everything was above board.

So, yes, I'm poorer and angry. But I'm also philosophical.

Life is unpredictable. Sometimes, you just get blindsided. That's the nature of investing.

No, it's not welcome. But it's unavoidable. Stuff, to clean up the phrase a little, happens.

The other thing?

The collapse in CTM's share price is precisely why good investing habits matter.

I'm diversified. By company, industry, currency and geography.

I have a long term perspective. Yesterday sucked. I suspect I'll remember it in 5 or 10 years' time. But I also suspect that, after that decade of compounding, that scar will have faded meaningfully – both financially and emotionally.

I expect bad news sometimes. Not because it's welcome, but because life is messy. I don't expect every company in my portfolio to do well. Sometimes, it'll be because I made a mistake. Sometimes because a competitor, customer or supplier makes life harder for one of my investments. Sometimes there'll just be 'unwelcome misadventure', to put it mildly.

We succeed as investors not by avoiding losing investments. That's not possible, unless you stay in cash… and have you seen inflation, lately?

No, we succeed by doing the right things, which cushion the blows when the bad news comes, and crucially also letting the good news drive our compounding over long periods of time.

In hindsight, I can tell you precisely which companies I should have bought, and which I should have avoided. I can tell you how many shares I should have bought, and at what prices.

But without that, and without a working crystal ball, my job – and yours – is to think in probabilities and expected returns.

It is to assemble a portfolio of companies that we think are likely to deliver superior performance over the long term, knowing that we'll be wrong sometimes, but aiming to be right more often – and for the winners to make more than the losers lose.

There is no successful investor in history who hasn't made losing investments. It's not how investing works.

They succeed despite those losses.

Could I have foreseen this? I don't know, but I don't think so. No-one outside the company knew – and presumably relatively few inside it. Even the auditors didn't know (or if they did, they didn't say). So how could we?

Could I avoid the next one? Sure, if I never invested again. But that would be incredibly counterproductive.

So what can I – we – take from the painful experience?

I think a reminder that investing is an imprecise art, full of uncertainty. 

But that it's also incredibly worthwhile, overall, and these sorts of things, while gut-wrenching, are just the storms we have to sometimes sail through to reach our destination.

Was my CTM investment too large, as a proportion of my portfolio? It's easy to say yes, but if I couldn't possibly have predicted the alleged wrongdoing, isn't that just hindsight speaking?

Yes… and no. The very reality of that uncertainty perhaps should have led me to have less of my portfolio in a single company. It's something I'll spend some time dwelling on, and might make some (other) changes in my portfolio in due course.

(There's a personal wrinkle for me, in that I'm not allowed to recommend a company as a 'Buy' for our members and sell down if my position has become too large, so it's probably moot in my particular case… but the principle still holds.)

But – and here's the really important thing – as painful as it was, it has not dimmed my optimism for long-term investing one iota.

I share the Vanguard Index chart regularly in this space. It shows the progress of the ASX (and other markets and assets) over a thirty year period. It shows booms and crashes, economic greed and fear.

What it doesn't show – but is inherent in the results – is that companies were born and died during that time. They were added to and removed from share market indices.

It doesn't show the companies that lost 30%, 50%, 75% or yes, 85%, during that period. Some recovered. Some never did.

It shows the overall result. That despite those temporary and permanent losses, huge amounts of value were created, overall.

I wish I could avoid every loss, and grab every gain. I also wish for a unicorn and world peace.

In the real world, I know that this is a stumble for the value of one company in my portfolio. And I fully expect more (unfortunately).

I also fully expect that my portfolio will grow meaningfully over the next few decades, despite those stumbles. Ditto for the market as a whole.

Sailing through a storm isn't fun. But getting to the other side, and to your destination, makes bearing the storms worthwhile.

I'm keeping my eyes firmly on the horizon. I reckon that's the lesson of history, and the right approach for all investors.

Fool on!

The post Why I'm still smiling after losing 85% appeared first on The Motley Fool Australia.

The Corporate Travel share price is down 80.40% to $3.15 in early Thursday trade after the company's long suspension was lifted.

The stock last traded at $16.07 before it was suspended in August 2025, and a lot has gone wrong since then.

Investors are now showing exactly what they think of it.

Shares have traded as low as $2.81 this morning.

Why were Corporate Travel shares suspended?

The problems started in the company's UK business, where some serious accounting issues were uncovered.

A KPMG review found revenue had been recognised incorrectly on large customer contracts completed between 2021 and 2023. That included around GBP 45.4 million sitting in a "Concluded Customer Contracts" account that should not have been recognised as revenue.

Corporate Travel later said it could restate as much as GBP 58.2 million across FY23 and FY24, with another GBP 19.4 million of adjustments flagged for FY25.

Since then, the company has spent much of the past year sorting through the mess, including refunding customers, restating its accounts, and making changes to its financial controls.

There's been some progress, with Corporate Travel saying this week that around 78% of customer refunds have either been agreed or are close to being finalised.

What did the FY26 result show?

Despite everything that has happened, there were some signs that the underlying business moved in the right direction during FY26.

Revenue and other income rose 4% to $669.9 million, while underlying EBITDA jumped 36% to $113.6 million.

Corporate Travel also returned to profit, posting net profit after tax (NPAT) of $17.7 million. Keep in mind that's a big turnaround from the $348.5 million loss recorded a year earlier.

Activity also picked up, with transaction volumes rising 13% to 18.3 million and total transaction value (TTV) increasing 2% to $9.8 billion.

Europe was one of the better-performing regions. Revenue climbed 34% to $113.7 million, while underlying EBITDA improved to $24.7 million from a $1.2 million loss.

But the balance sheet is still one area investors are watching closely.

Corporate Travel ended FY26 with $106.9 million in cash and has since secured a $175 million funding package to help finish the remediation work and support the business.

What happens next?

Management said trading in the first month of FY27 was broadly in line with expectations, although the early numbers were mixed.

July transaction volumes rose to around 1.6 million from 1.5 million a year earlier, while revenue slipped to $53.3 million from $58.3 million.

Corporate Travel has also secured $178 million of new business on a TTV basis so far in FY27.

And there was also some good news from the Australian Government review, which found no signs of widespread or systemic overcharging.

Still, the company has a lot of work ahead of it after what has been a shocking period for shareholders.

The post Warning: Corporate Travel shares have crashed 80%. What on earth just happened? appeared first on The Motley Fool Australia.

What did Corporate Travel Management report?

• Resumption of trading on the ASX after suspension
• Lodgement of Preliminary Final Report for FY26
• Effective date of reinstatement: Thursday, 3 September 2026
• No financial result figures disclosed in this announcement

What else do investors need to know?

The suspension in Corporate Travel Management shares was lifted after the company submitted its FY26 report, allowing investors to once again trade its securities on the ASX. This marks the end of a trading halt and provides an opportunity for shareholders to re-engage with the company's share price performance.

Trading will resume from market open on 3 September 2026. Investors should review the full annual report for financial details, as this announcement did not include headline revenue, profit, or dividend numbers.

What's next for Corporate Travel Management?

With trading resumed, investors' attention will turn to Corporate Travel Management's full-year figures and any guidance offered in the Preliminary Final Report. Future updates may include insights into strategy, market conditions, or business performance in FY27.

The company's results and subsequent market performance may provide a clearer outlook on how Corporate Travel Management is positioned in the travel and corporate services sector.

View Original Announcement

The post Corporate Travel Management shares resume trading after FY26 report appeared first on The Motley Fool Australia.

What did Corporate Travel Management report?

• Revenue and other income up 4% to $669.9 million
• Underlying EBITDA rose 36% to $113.6 million
• Net profit after tax (NPAT) of $17.7 million (improved from an FY25 loss of $348.5 million)
• Transaction volumes climbed 13% to 18.3 million
• $669 million in new business wins and $1.5 billion re-tendered or renewed
• Group liquidity supported by $106.9 million cash and new $175 million funding package

What else do investors need to know?

CTM made solid progress on resolving customer refund matters during the year, with around 78% of refunds now either agreed or close to being finalised. The business also continued to embed improvement initiatives in governance, risk management, and operational controls across its regions.

Results showed notable improvement in both Australia/New Zealand and Europe. ANZ revenue grew 6%, with a 53% jump in underlying EBITDA, while Europe delivered a turnaround, helped by new special project work and better contract terms. The company also finished the year with substantial cash reserves and recently secured an extra $175 million funding package to support ongoing operations and remediation.

The Whole of Australian Government Travel Arrangements audit found no evidence of widespread overcharging and highlighted robust program controls and a collaborative approach between CTM and government. The company also announced Stewart Harvey as its new CEO for UK/Europe, following an extensive recruitment process.

What did Corporate Travel Management management say?

Managing Director and CEO Ana Pedersen said:

FY26 represents an important step forward for CTM. We delivered a significant improvement in earnings and continued to maintain strong levels of client retention across our global operations. The strength of our customer franchise was evident throughout the year, with $669 million of new business wins and $1.5 billion of re-tenders and renewals secured across the Group. 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. We also made substantial progress on customer remediation, with approximately 78% of refunds agreed or close to finalisation, supported by the recently announced $175 million funding package. While our earnings remain below historical levels and there is still work to do, FY26 demonstrates meaningful progress in stabilising the business, strengthening our foundations and positioning CTM for growth.

What's next for Corporate Travel Management?

The company says trading in the first month of FY27 is broadly in line with expectations, with transaction volumes and TTV reflecting usual seasonal factors and client mix. Year-to-date, CTM has secured $178 million in new business wins and renewed key contracts, including with the UK Ministry of Defence.

The Board remains focused on finalising remediation activities, continuing to strengthen governance and control frameworks, and improving operating performance. Further insights and guidance are expected at the Annual General Meeting in November 2026.

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What did Corporate Travel Management report?

• FY25 underlying EBITDA: $83.6 million; FY26 forecast: $113.6 million
• Total Transaction Value (TTV): $9.6 billion in FY25 (up from $9.1 billion in FY24); FY26 forecast: $9.8 billion
• Revenue: $643.4 million in FY25; FY26 forecast: $669.9 million
• Statutory net loss after tax: $346.7 million (includes $357.7 million goodwill impairment)
• Strong liquidity: $107 million cash as at 30 June 2026 and new $175 million funding package
• No dividend declared, as remediation and balance sheet strengthening takes priority

What else do investors need to know?

CTM has made significant progress on customer remediation, with around 78% of its $246 million refund program either agreed or close to being finalised. The bulk of settlement payments can be spread through to Q1 FY28, helping manage cash flow.

Governance and risk management have received a major boost, with new board-led oversight, stronger controls, and leadership appointments across legal, commercial, and transformation teams. These changes aim to create a more disciplined and transparent business.

A new strategic initiative, CTM One, focuses on leveraging technology and data—like CTM's proprietary Lightning and Sleep Space platforms—to drive higher quality growth, better customer outcomes, and stronger operating leverage globally.

What did Corporate Travel Management management say?

Managing Director and CEO Ana Pedersen said:

Today is a significant step forward for CTM and these results demonstrate the resilience of CTM's underlying business.

Customer remediation is now well advanced, with 78% of refunds agreed or close to finalisation. The recently announced $175 million funding facility provides the certainty and flexibility to complete the process while continuing to support the business. Across our global operations, we continued to retain customers, win new business and grow transaction volumes despite a period of significant disruption.

Our focus is on continuing to deliver for customers, improving operating leverage and building a more connected global business positioned for sustainable long-term growth.

We recognise this has been a challenging period for investors, clients, partners and our people, and we are grateful for their ongoing support and confidence in CTM.

What's next for Corporate Travel Management?

CTM is preparing for an FY26 earnings recovery, forecasting underlying EBITDA to rise back towards FY24 levels and focusing on disciplined execution of its CTM One strategy. Transaction volumes in early FY27 are tracking in line with expectations, with strong customer retention and new project wins.

As remediation obligations are resolved, restoring the balance sheet, investing in technology, and strengthening the company's global platform remain core priorities. Dividends may remain suspended in the short term, but more guidance is expected at the upcoming AGM.

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The post Corporate Travel Management reports FY25 and 1HY26 earnings appeared first on The Motley Fool Australia.

What did Corporate Travel Management report?

• Secured new $175 million debt facilities with PEP Credit, replacing existing $75 million facility
• Maintains $65 million bank guarantee and transaction facilities from existing lenders
• Estimates annualised cash interest costs will be around $20 million in FY27 and FY28
• Will recognise a $29 million liability in the European segment due to revenue recognition review
• Impairment charge of $89 million expected for the ANZ segment

What else do investors need to know?

Corporate Travel Management's FY25 and 1H26 financial statements will be released by 28 August 2026, with the company expecting its FY26 full year results to follow soon after. The company has completed reviews into its air margin accounting in Europe and asset impairments for key segments, providing shareholders with clarity on historical financial issues.

CTM continues to enjoy strong support from lenders, securing both traditional and new financing options to manage its ongoing obligations, including remediation payments to key UK clients. The new funding enhances liquidity and ensures operational stability as the company completes its outstanding statutory reporting.

CTM has appointed Barrenjoey and Morgans Financial Limited to assist with investor engagement during this period of transition.

What did Corporate Travel Management management say?

Managing Director and Group CEO Ana Pedersen said:

These financing arrangements are an important step forward for CTM and provide greater certainty as we complete our outstanding financial reporting. We have made substantial progress resolving the historical matters identified through our reviews, allowing us to move forward with greater clarity and focus for our clients, employees, shareholders and other stakeholders.

What's next for Corporate Travel Management?

The company is focused on completing its FY25 and 1H26 financial statements and expects to provide FY26 results soon after. Meeting the conditions of the new debt facilities—such as issuing audited accounts without a going concern qualification—remains a key priority.

CTM is working to finalise contract negotiations in the UK and address remediation obligations. The new funding arrangements and ongoing lender support put CTM on a firmer financial footing as it looks to rebuild confidence and support stakeholders into FY27 and beyond.

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The post Corporate Travel Management secures new funding and updates on FY25 and FY26 earnings appeared first on The Motley Fool Australia.

What did Corporate Travel Management report?

• Secured binding offers from UK customers covering GBP 102 million out of a total estimated GBP 118 million liability
• Will refund GBP 87 million to these customers, with GBP 11 million already paid
• Remaining GBP 76 million to be refunded on a staged basis through to 30 September 2027
• Agreed to pay GBP 12 million to settle further UK contract uncertainties, including GBP 6 million for 1HFY26
• Continues final negotiations with customers accounting for GBP 16 million of the remaining liability

What else do investors need to know?

The company is in advanced talks with lenders to secure financing for both its client remediation obligations and ongoing business needs. These funding arrangements are expected to be announced soon.

These agreements are a significant step forward in resolving historical issues within CTM's UK operations, helping pave the way for the release of FY25 audited financial statements. Final negotiations with a small number of remaining UK customers are progressing.

What did Corporate Travel Management management say?

Ana Pedersen, Managing Director and Group CEO, said:

Reaching agreements with impacted UK customers representing 86% of the total estimated liability is a major milestone for CTM and reflects our commitment to doing the right thing by customers. These outcomes are the result of months of constructive engagement between CTM, its advisers and affected customers, whose cooperation and support throughout this process has been greatly appreciated.

Importantly, these agreements demonstrate that we can address legacy matters responsibly while continuing to deliver the high-quality service and support our customers rely on for their travel needs. We remain focused on completing the remaining steps required to seek reinstatement of CTM's shares to trading on the ASX and look forward to updating shareholders on our progress.

What's next for Corporate Travel Management?

CTM expects to finalise negotiations with the few remaining clients in the coming period, clearing the path to resolving its UK business issues. The company is also seeking to secure new financing and aims for reinstatement of its shares on the ASX once all requirements are met.

Management has indicated it will continue working closely with stakeholders to maintain service quality and restore confidence among its shareholders and clients.

Corporate Travel Management share price snapshot

Over the past five years, the Corporate Travel Management share price has lost 25% of its value.

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The post Corporate Travel Management updates UK remediation progress and settlement terms appeared first on The Motley Fool Australia.

What did Corporate Travel Management report?

• Signed a five-year global partnership with Amadeus IT Group as preferred Global Distribution System (GDS) provider
• Amadeus platform will provide access to more than 400 airlines, about 2 million hotel properties and 25+ rail providers
• Automated processes set to reduce manual servicing requirements across CTM's business
• Expected to deliver strategic, financial, and operational benefits over the agreement's term

What else do investors need to know?

This new partnership follows a competitive tender process and marks a significant step in CTM's digital transformation strategy. By integrating Amadeus' technology, CTM aims to enhance customer experience and improve operational efficiency across all regions.

The agreement brings together a full suite of Amadeus solutions—including distribution, retailing, and servicing—within a single platform, supporting better real-time content and streamlined customer service. Implementation will take place progressively, with financial and productivity benefits expected to build as more regions adopt the new system.

What did Corporate Travel Management management say?

Managing Director and Group CEO Ana Pedersen said:

We are delighted to announce this partnership with Amadeus, a leading global technology provider that connects travel sellers with airlines, hotels, car rental companies, airport operations, payment and data solutions. This represents an important milestone in CTM's digital transformation and will combine CTM's deep expertise in global corporate travel solutions with Amadeus' advanced technology to accelerate innovation in an increasingly fast-paced and competitive travel marketplace.

What's next for Corporate Travel Management?

CTM will roll out enhancements across its online and offline platforms, focusing on improving real-time content, booking, and AI-driven capabilities. The company anticipates that these investments will deliver long-term strategic and financial upsides, enabling it to remain competitive and responsive in a dynamic global travel market.

Additional automation and integrated payment services from Amadeus are expected to further strengthen CTM's customer service offering and operational consistency worldwide.

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What did Corporate Travel Management report?

• Secured a new contract from the UK Ministry of Defence for ongoing Afghan Resettlement Programme support
• CTM has been the exclusive supplier since February 2025
• Contract revenue is volume-dependent rather than fixed
• Estimated £28 million TTV forecast for the first six months of the new contract

What else do investors need to know?

CTM's continued partnership with the UK Ministry of Defence highlights the company's capacity to handle complex, large-scale government projects. The Afghan Resettlement Programme presents an opportunity for repeat business and solidifies CTM's credentials as a trusted provider.

The contract's length is tied to the duration of the Afghan Resettlement Programme, and payments will vary according to service volumes. Investors should note that this new contract bolsters CTM's growing international operations, adding further diversity to the company's revenue streams.

What's next for Corporate Travel Management?

CTM will continue to deliver services to the UK Ministry of Defence until the Afghan Resettlement Programme concludes. The company's ongoing government partnerships, both in the UK and elsewhere, position CTM well for future contract opportunities in international travel and accommodation management.

Investors should keep an eye on future updates, especially as contract volumes and performance data become clearer and more predictable over time.

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The post Corporate Travel Management secures new UK Ministry of Defence contract appeared first on The Motley Fool Australia.

What did Corporate Travel Management report?

• Ana Pedersen confirmed as Managing Director and Group CEO, effective 23 July 2026
• Ms Pedersen previously served as Acting Group CEO since 2 February 2026
• Total annual fixed remuneration set at $1.2 million
• Short-term incentive opportunity of $500,000 (FY26), subject to performance
• Long-term incentive opportunity of $1 million (FY26), also performance-based

What else do investors need to know?

Ana Pedersen brings more than 20 years' global experience in corporate travel and technology, with senior leadership roles across Australia, Asia, and North America. Prior to joining CTM in October 2024, she held executive roles with BCD Travel and HRS Group, leading significant growth initiatives and managing global commercial strategies.

Her new permanent appointment replaces her interim role and follows a period described by Corporate Travel as "particularly challenging." The Board has highlighted her steady leadership and focus on client delivery during this time.

What did Corporate Travel Management management say?

Managing Director and Group Chief Executive Officer Ana Pedersen said:

I am pleased to continue leading Corporate Travel, and our focus is on advancing our priorities with discipline and clarity, while working toward fair and timely outcomes for those affected. We remain committed to delivering for our clients and supporting our people, who are at the heart of our business. We know there is more to do, and we are doing everything we can to make meaningful progress.

What's next for Corporate Travel Management?

Ms Pedersen's appointment signals continuity in Corporate Travel's strategy, with a continued emphasis on supporting clients and staff while navigating ongoing industry challenges. The Board voiced confidence that her leadership will help position Corporate Travel for long-term success and steady delivery on key objectives.

Looking ahead, incentive arrangements for the new CEO involve both short- and long-term performance targets, aligning her interests with sustained growth for shareholders. Further updates about performance or strategy may follow in future announcements.

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The post Corporate Travel Management names Ana Pedersen as new CEO appeared first on The Motley Fool Australia.

What did Corporate Travel Management report?

• FY25 and 1HFY26 financial statements are substantially advanced but still incomplete
• FY25 and 1HFY26 accounts now expected to be lodged in August 2026
• Estimated FY24 revenue restatement of $10–15 million in the ANZ region, mostly relating to prior years
• Impairment of Europe goodwill expected at GBP 92 million
• Further goodwill impairment expected in ANZ (AUD 77 million) and North America (USD 49 million)

What else do investors need to know?

Corporate Travel Management is focused on completing three key, interconnected activities: finalising financing to support UK remediation, executing agreements with affected UK customers, and completing outstanding financial reporting and audit procedures.

The UK remediation process is well advanced, with Corporate Travel Management in the final stages of negotiating staged refund arrangements with key customers. This remains subject to completion of the FY25 accounts and associated financing, with lenders engaged regarding these developments.

What did Corporate Travel Management management say?

Acting Group CEO Ana Pedersen said:

We recognise the delay is deeply frustrating for shareholders and acknowledge the uncertainty it has created.

We have made meaningful progress towards finalising CTM's financial statements, UK customer remediation and financing workstreams.
As we move through the final stages, the remaining tasks are interdependent, and we are working through them carefully and with rigour, to ensure a thorough and appropriate outcome.

Importantly, the underlying business remains resilient, with strong customer retention and consistent quality service across our global operations.

What's next for Corporate Travel Management?

The company now aims to complete and lodge its FY25 and 1HFY26 financial statements in August. Finalising agreements with lenders and impacted UK customers remains a top priority, alongside implementing the staged remediation refunds.

Management says the underlying operations continue to display resilience, and the company will provide further market updates as soon as the remaining processes are finalised.

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The post Corporate Travel Management updates investors on delayed FY25 results and UK remediation appeared first on The Motley Fool Australia.

What did Corporate Travel Management report?

• Revenue and other income of $348.5 million for 1H26 (unaudited)
• Underlying EBITDA of $77.7 million, representing an EBITDA margin of 22.3%
• Cash balance at 31 December 2025 of $121.2 million, down from $124.0 million at June 2025
• Capex of $19 million aligned to technology and strategic commitments
• Client retention remained strong at or above 97% across all main regions
• Payments of $15 million made to key UK customers in December 2025 as part of remediation

What else do investors need to know?

The company continues to work through the UK forensic accounting review, targeting completion in March 2026. This process includes a remediation plan, involving staged payments to impacted UK clients, to enable release of the overdue FY25 audited accounts.

Outside the UK, reviews found no evidence of similar issues in other regions. Trading conditions remain challenging, with new client sales slightly lower in December reflecting seasonality and some client caution. Nevertheless, client retention and service delivery remain strong, with no major losses reported.

A revised IATA agreement and remediation payments impacted working capital and cash flow during the half-year. The company has amended its debt facility, maintaining sufficient liquidity with a $140 million facility and an undrawn revolving credit component.

What did Corporate Travel Management management say?

Acting CEO Ana Pedersen said:

Our trading performance reflects both the resilience of the business and the quality of our client offering in the face of challenging circumstances.

Our focus on superior customer service, relationship management and enhancing client outcomes coupled with our proprietary technology continues to support customer retention and strong new client wins during the half. We do expect some moderation through the remainder of the financial year, as the uncertainty associated with the audit process has influenced the timing of both renewals and new business conversion.

The finalisation of a remediation plan is well progressed, including constructive discussions on the timing of staged payments. Importantly, we are making progress with KPMG and certain impacted UK customers, which is giving us a much clearer path toward resolving and finalising the outstanding matters.

As these key steps are completed, they will provide enhanced confidence to customers and our team. More broadly, we continue to improve governance, controls and systems across the business, and we recognise there is still more work to do as we complete the review and embed these improvements.

What's next for Corporate Travel Management?

CTM expects the finalisation of its UK review and remediation plan to enable the release of its delayed FY25 audited results, as well as the 1H26 reviewed financials. The company is targeting reinstatement of ASX share trading in the second quarter of calendar 2026, subject to approvals.

Looking ahead, CTM foresees some softness in trading over 2H26 as audit-related uncertainty continues to influence client decision-making. The business remains focused on customer retention and technology investment to drive long-term growth.

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What did Corporate Travel Management report?

• Jamie Pherous retires as Managing Director, transitions to strategic advisor for six months
• Ana Pedersen, previously Chief Commercial Officer, appointed as Acting Group CEO
• Search process underway for permanent Group CEO, considering internal and external candidates
• Appointment of John Snyder (ex-BCD Travel CEO) as Special Advisor to assist during leadership transition
• Ongoing suspension of CTM shares pending finalisation of accounting matters and FY25 accounts

What else do investors need to know?

The board says the leadership change aims to "accelerate the transition to a refreshed corporate structure" that meets stakeholder expectations. Ms Pedersen, who joined CTM in October 2024, brings more than 20 years of global corporate travel and technology experience, including senior roles with BCD Travel and HRS Group.

The company remains committed to strengthening its governance and internal controls. John Snyder's appointment as Special Advisor is expected to provide additional global expertise during this period of change.

What did Corporate Travel Management management say?

Acting Group CEO Ana Pedersen said:

Stepping into the role, my immediate priorities are to bring clarity and confidence as we work toward CTM's shares being reinstated for trading on the ASX. This means finalising our accounting matters with integrity and certainty, and, in partnership with the Board, strengthening governance and controls. At the same time, we remain laser-focused on client delivery, which continues uninterrupted, and on supporting our people, who are critical to our success.

What's next for Corporate Travel Management?

Ms Pedersen will lead the company through a period of transition, focusing on resolving accounting matters, supporting the board's governance initiatives, and ensuring stable operations. The board will continue its search for a new permanent Group CEO, evaluating both internal and external candidates.

Meanwhile, client service and support of CTM's people remain central priorities. Management says the company's long-term future will be built on strengthening governance, operational excellence and sustainable growth.

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The post Corporate Travel Management announces major leadership changes appeared first on The Motley Fool Australia.