Corporate Travel Management has voluntarily suspended its shares from trading on the Australian Stock Exchange (ASX) after it was made aware of errors in its financial accounts. The release of the company¡¯s full year accounts for 2025 will also be delayed by almost a month.

The Australian-headquartered travel management company said it was informed by its auditors on 22 August while they were preparing the company¡¯s results that it would need to make adjustments to when revenues were recognised and costs were incurred and that this may mean results from previous years will need to be restated.

In its statement the company said, ¡°Based on initial indications of potential impact, CTM requested a trading halt in order to assess these matters. This is isolated to the European region only. It is expected that, in aggregate, the nature of any restatement would be to increase prior year(s) earnings and reduce current year¡¯s earnings (FY25). Any restatement is expected to be non-cash in nature and primarily reflects timing differences across accounting periods.¡±

The company has now appointed a third-party firm to review its past financial years.

It continued: ¡°As a result of this additional work, we will not be in a position to make an announcement to the ASX with a definitive position on any restated accounts or to finalise and release CTM¡¯s full year FY25 accounts by 31 August 2025. As a result, CTM has requested a voluntary suspension be implemented for its ordinary shares on ASX, until a definitive position on the restated accounts and its FY25 accounts are released.¡±

The FY25 accounts are now expected to be released by 25 September 2025.

The company added: ¡°There is no impact to operating cash generated in FY25 or past financial years and this will have no impact on FY26 operations. The CTM Group generated strong operating cash flows in FY25 with AU$124 million of cash on the balance sheet and no debt at year end. CTM expects to provide FY25 detail and FY26 guidance upon finalisation of the accounts, as is our normal procedure. FY26 trading has started positively.¡±

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.

The company said: ¡°PwC has been the group¡¯s auditor for 14 years. On behalf of CTM, the board acknowledges the significant contribution of PwC to CTM during that period.¡±

¡°The change in audit firm was made to align with the company¡¯s rotation policy [and] corporate governance best practices to leverage the experiences of the newly appointed audit firm in the travel services industry. There were no disagreements or unresolved matters with the previous auditor on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.¡±

In its 2024 results, CTM said that it had made AU$716.9 million (?345.5 million), generating an underlying EBITDA of AU$201.7 million (?97.2 million).

In the European region, the company said it had increased full year revenue by 18 per cent to AU$169.3 million (?81.6 million) and EBITDA by 16 per cent to AU$97.7 million (?47.1 million).

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.

BTN Europe has asked for further clarification from CTM and this story will be updated when it is received.