Corporate Travel Management (CTM) has delayed the release of its financial results until an unspecified date in August, further postponing the resumption of trading in its shares on the Australian Securities Exchange (ASX).
The travel management company has already admitted to overcharging clients, including the UK government, by £77.6 million – a figure that has since increased to £118 million.
In a market update, the Brisbane-headquartered business said its financial statements for the 2025 financial year and the first half of 2026 were “substantially advanced but not complete”.
“We recognise the delay is deeply frustrating for shareholders and acknowledge the uncertainty it has created,” stated Ana Pedersen, Acting Group CEO of CTM.
She added: “We have made meaningful progress towards finalising CTM’s financial statements, UK client remediation and financing workstreams.”
The latest postponement extends a series of delays that have kept CTM’s shares suspended from trading since August 2025, after auditors Deloitte identified accounting irregularities.
CTM also revealed that the accounting issues extend beyond its UK business, affecting clients in Australia and New Zealand over a six-year period.
As a result, the company expects a reduction in revenue of between A$10 million and A$15 million for the 2024 financial year.
Pedersen added: “As we move through the final stages, the remaining tasks are interdependent, and we are working through them carefully and with rigour, to ensure a thorough and appropriate outcome. Importantly, the underlying business remains resilient, with strong client retention and consistent quality service across our global operations.”
Pedersen succeeded CTM founder Jamie Pherous as acting group CEO in February following his resignation amid the overcharging scandal.
The company said it is continuing discussions with its existing lenders regarding customer remediation and associated funding requirements, while also exploring additional debt financing options.
CTM added that it has so far repaid more than £12 million to affected UK clients.
