Significant delay to audit European revenues and costs will see trading suspended until at least November.
Securities in Corporate Travel Management (CTM) will remain suspended until at least November 2025 due to unresolved issues regarding its European accounts for FY25 and previous years.
In an update provided to the market, the company has informed shareholders that auditors poring over its European revenues and costs have identified potential adjustments needed, relating to the timing of transactions recorded across multiple financial years.
“It is expected that, in aggregate, the nature of any reinstatements would be to increase prior year(s) earnings and reduce the FY25 earnings,” the update said.
“Any potential adjustments are not expected to have a cash impact, nor impact FY26 operations.”
Global financial services firm KPMG has been engaged to conduct a thorough review of CTM’s 2023-2025 statements for Europe, however work will not be complete in time for CTM to finalise its full-year report by 25 September.
CTM said it expects to be in a position to update the market further by November, with its initial 26 August ASX trading suspension to be extended accordingly.
More details in tomorrow’s issue of Travel Daily.