Corporate Travel provides trading update, aims to resume trading on ASX in Q4
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The news: Embattled travel services group Corporate Travel Management has provided a trading update for the first half of FY26, having been suspended from trading since August after failing to release its FY25 results.
The numbers: Corporate Travel (CTD) reported revenue of $348.5 million for the six months to December, up from $342.8 million in the prior reporting period. However, financial statements dating back to FY23 are currently being reviewed.
Underlying EBITDA was $77.7 million, up from $77.4 million a year ago.
The context: The company said it is targeting a return to the ASX in the June quarter.
Acting group CEO Ana Pederson said the group expects “some moderation” through the remainder of the financial year as “uncertainty associated with the audit process has influenced the timing of both renewals and new business conversion”.
RBC Capital Markets analyst Wei-Weng Chen said the update provided “some good news for CTD shareholders”.
“We believe today’s update from CTD is likely to exceed the expectations of CTD shareholders and may disappoint the bears. 1H26 management accounts, while unaudited, look OK — revenue and EBITDA were 8% and 11% below last [RBC estimates] — in our view not great, but it could have been much worse.”
Corporate Travel withdrew its earnings guidance in November and dismissed its UK and Europe CEO Michael Healy a month later. It also announced “material restatements” would be required to reverse nearly GBP80 million ($160 million) in reported revenue over the last three financial years.
Earlier this month, Corporate Travel announced the departure of founder and CEO Jamie Pherous.
The source: ASX
