2255 GMT - Trading in Corporate Travel Management is likely to be very volatile, says Jefferies. CTD is back after a lengthy suspension on the ASX that followed the late-2025 discovery of errors in its accounts. Analyst John Campbell says CTD's FY26 wasn't as bad as feared. "With the unqualified FY26 audit opinion after an exhaustive process, investors can take comfort in the bona fides of FY26 accounts," Jefferies says. The balance sheet remains in reasonable shape, it says, despite CTD being materially hit by client settlements and refunds. "Nonetheless, given the extremely challenging situation, it is very difficult to forecast key variables including Client Retention, New Client Wins, Take Rate and Opex," Jefferies says.