Corporate Travel Management has delayed the release of its 2025 fiscal year results as it addresses an auditing issue with its financial reporting, the travel management company announced.
CTM said its auditors informed the company on Aug. 22 that it might need to adjust the timing of when certain revenues and costs were recognized between the 2025 fiscal year and prior reporting periods. The adjustment “is isolated to the European region only” and would likely “be to increase prior year(s) earnings and reduce current year’s earnings,” according to CTM.
The TMC is hiring a third-party firm to review past financial statements and said, as a result of that work, it said it would be unable to report its earnings as scheduled for Thursday. It instead plans to release its 2025 fiscal year earnings by Sept. 25.
CTM also has voluntarily suspended trading of its securities on the Australian Securities Exchange “until a definitive position on the restated accounts and its FY25 accounts are released.”
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