Corporate Travel Management has again postponed releasing its 2025 full year accounts, following last month's trading suspension on the Australian Stock Exchange (ASX) due to financial accounting errors.

The Australian-headquartered travel management company on Wednesday said accounting discrepancies in Europe ¡°remain unresolved¡± and that it now expects to release its FY25 accounts in November rather than the previously stated deadline of 25 September. Trading on the ASX will remain suspended until the publication of the company¡¯s FY25 earnings report.

In a statement, the company said: ¡°The potential adjustments remain isolated to the European region. Group audit activity in relation to the rest of the world has been completed. It is expected that, in aggregate, the nature of any restatements would be to increase prior year(s) earnings and reduce the FY25 earnings. Any potential adjustments are not expected to have a cash impact, nor impact FY26 operations.¡±

The TMC has appointed KPMG to conduct a review of its FY23-25 financial statements for the European region and said it is ¡°working with its auditors to complete the audit of the FY25 accounts¡±.

The statement continued: ¡°Despite progress being made, it has become clear that the significant amount of work being undertaken by KPMG and management, and the subsequent audit work required cannot be completed in time to finalise the financial report by 25 September 2025, as previously targeted.¡±

In CTM¡¯s FY24 accounts, the company said it had changed its auditors from PwC, which had been in place for 14 years, to Deloitte Touche Tohmatsu.

In Wednesday¡¯s update, CTM confirmed its ¡°strong¡± cash position and indicated a positive start to FY2026 trading.

¡°CTM generated strong operating cashflows in FY25 with $124m of cash on the balance sheet and no debt at year end. Following the first two months of trading, FY26 has started positively. Operationally the business is performing as expected in all regions, with continued strong customer wins and further generation of incremental operating cashflows, consistent with this positive start,¡± the statement said.

In Business Travel News Europe¡¯s most recent annual Leading TMCs report, CTM is ranked as the?seventh largest TMC by European business travel sales.