Corporate Travel Management Limited reported a dramatic turnaround in FY25, swinging to a loss of $348.5 million after reporting a profit of $19.0 million in the prior year. The Preliminary Final Report, lodged with the ASX on 27 August 2026, reveals a loss per share of 245.3 cents compared to earnings per share of 13.0 cents in FY24, marking a stark deterioration in the group’s financial performance.
The loss appears particularly severe given that revenue remained relatively stable at $635.8 million, down just $1.3 million from $637.1 million in the prior year. This suggests the loss was driven by significant cost pressures, write-downs, or one-off charges rather than a collapse in the travel management business itself. The group’s net tangible assets per share fell to negative 52 cents, indicating that shareholder equity has deteriorated substantially and the company now has a negative net asset position on a tangible asset basis.
The dividend policy has contracted correspondingly. Corporate Travel Management paid 22 cents total per share in FY25, comprising 12 cents final in October 2024 and 10 cents interim in April 2025, down from 39 cents in FY24. All dividends were unfranked, offering no tax benefit to Australian shareholders. The decision to maintain a dividend payment despite the substantial loss raises questions about management’s capital allocation priorities and confidence in near-term cash generation.
Several subsidiaries were deregistered during the year, including Sainten Pty Limited, Travelogic Pty Limited, STA Travel Academic Pty Limited, Corporate Travel Management (Poland), and Atlas Limited. These deregistrations may reflect a portfolio rationalization or the closure of underperforming operations, which could explain some of the loss in the year but may also signal challenges in specific geographic markets or business segments.
Investors will be looking for detailed commentary in the full annual report to understand the drivers of the loss, whether the deterioration is one-off in nature or reflective of structural challenges in the travel management market. The company’s ability to return to profitability, stabilize its net asset position, and justify continued dividend payments will be critical for investor confidence going forward. This announcement is price sensitive and has been flagged as material by the ASX.
View the full ASX announcement (PDF)
About Corporate Travel Management Limited (ASX: CTD)
Corporate Travel Management Limited is a travel management solutions company that manages the procurement and delivery of travel services across Australia and New Zealand, North America, Asia, and Europe. The company provides corporate travel, meetings and events management, resources travel, sports travel, leisure travel, loyalty travel, and accommodation agency services. It was founded in 1994 and is headquartered in Brisbane, Australia.
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