Corporate Travel Management has pushed back the lodgement of its long-overdue financial statements to August 2026, as fresh accounting problems emerge from an audit process already complicated by an £118 million UK overcharging scandal.
In an ASX announcement today, the Brisbane-based corporate travel manager said preparation of its FY25 and first-half FY26 accounts was “substantially advanced but not complete” — the latest in a series of delays that have kept its shares suspended since August last year.
The company disclosed two new issues identified through the audit. CTM expects to restate FY24 revenue by $10–15 million in its ANZ region, with around 80 per cent of that figure traced back to financial years FY19 to FY23 and relating to rebates under certain contracts. Separately, a review of CTM UK’s air booking margin contracts has flagged an unspecified number requiring further assessment, with the financial impact yet to be determined.
The disclosures add to a mounting damage bill. April’s independent KPMG review found the potential UK refund liability had grown to £118 million ($222 million), up from £80 million reported in February, and alleged that fake documents had been presented to the board by a senior UK executive.
CTM also confirmed substantial goodwill impairments across three regions – GBP 92 million in Europe, AUD 77 million in ANZ, and USD 49 million in North America – citing more conservative growth forecasts, higher cost of capital, and investment in governance.
The company said it remains in discussions with existing lenders over funding requirements tied to the UK remediation, and is also exploring additional debt options. CTM has so far repaid £12 million to affected UK customers.
Acting Group CEO Ana Pedersen said the underlying business remained resilient, with strong customer retention across global operations, while acknowledging the delay had been “deeply frustrating for shareholders.”
No timeline has been given for when CTM’s shares will resume trading.
