Stewart Harvey
Travel management company CTM has appointed former BCD Travel EMEA president Stewart Harvey as CEO of its UK and Europe division, as the company looks to move on from its overcharging and accountancy scandal.
The company’s shares are also due to resume trading on the Australian Securities Exchange (ASX) on Thursday (3 September) for the first time in over a year, following CTM’s submission of its accounts for the fiscal year up to 30 June 2026 this week.
The Australia-based company said that industry veteran Harvey would take up his new position on 7 September. He will take over from group chief operating officer Eleanor Noonan, who has been acting as interim CEO of CTM’s troubled UK and Europe division since December 2025 following the dismissal of Michael Healy from the role.
Harvey, who spent five years as president of the EMEA region at BCD Travel, also previously worked for HRG for more than 20 years, including a spell as commercial director. He has been a partner at communications and events agency Kintela for the past 18 months.
“Stewart brings deep knowledge of the UK and European corporate travel market, strong commercial experience and an extensive track record of leadership across the sector,” said CTM in a statement.
The announcement of Harvey’s appointment came as CTM released its full-year results for its 2026 fiscal year on Tuesday (1 September). Last week, the company finally published its long-delayed accounts for the 2025 fiscal year and the first half of the 2026 fiscal year following the overcharging crisis.
CTM had been required to submit all three sets of financial results before ASX would consider allowing the company’s shares to start trading again — CTM’s shares have been suspended since August 2025.
The TMC has also reached binding deals to refund most UK clients who were impacted by overcharging, including the UK government.
CTM’s FY2026 accounts showed a 4 per cent year-on-year increase in revenue and other income to AU$669.9 million (£350m) — up from AU$643.4 million (£340m) in 2025, with total transaction value (TTV) rising by 2 per cent year-on-year to AU$9.8 billion (£5.2 billion), as transaction volumes increased by 13 per cent to 18.3 million globally.
The company’s underlying EBITDA increased by 36 per cent year-on-year to AU$113.6 million (£60m), while net profit after tax was AU$17.7 million (£9.4m), compared with a loss of AU$348.5 million (£185m) in 2025.
CTM also highlighted a “significant improvement” in earnings performance in Australia/New Zealand and Europe in its FY2026 report. Revenue in Australia/New Zealand rose by 6 per cent year-on-year to AU$181.4 million (£96m), while Europe’s “turnaround” saw a 34 per cent rise in revenue to AU$113.7 million (£60m).
“The result was supported by increased special project activity, improved contract economics and stronger operating leverage,” said CTM in its statement.
Ana Pedersen, CTM’s managing director and CEO, added: “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 AU$669 million (£353m) of new business wins and AU$1.5 billion (£800m) of retenders 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.”