CTD.ASX: Conclusion of Negotiations with Key Impacted UK Customers

Conclusion of Negotiations with Key Impacted UK Customers

Stock	Corporate Travel Management Ltd (CTD.ASX)
Release Time	21 Aug 2026, 9:34 a.m.
Price Sensitive	Yes

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CTM Concludes Negotiations with Key UK Customers

Key Points

CTM received binding offers from key UK customers covering 86% of estimated liability
Total refund amount is GBP 87 million, with GBP 11 million already paid
CTM continues to negotiate with customers for remaining GBP 16 million
CTM expects to finalize FY25 financial statements soon

Full Summary

Corporate Travel Management (ASX:CTD) has concluded negotiations with key impacted UK customers, securing binding offers that cover 86% of the estimated GBP 118 million liability. These offers require CTM to refund a total of GBP 87 million, with GBP 11 million already paid and the remaining GBP 76 million to be refunded in stages by September 2027. CTM continues to negotiate with customers for the remaining GBP 16 million. Additionally, CTM has resolved contractual uncertainties in a limited number of contracts, agreeing to pay GBP 12 million to customers, with GBP 6 million related to the first half of FY26.

Guidance

CTM expects to reverse revenue of up to GBP 118 million in FY25 due to UK customer remediation.

Outlook

CTM is in the final stages of discussions with lenders regarding financing to support its client remediation obligations and ongoing business requirements.