Corporate Travel Management has pushed back further the release of its 2025 fiscal year results as it continues to address an auditing issue with its financial reporting, the company announced.
CTM last month said it had been informed by its auditors that it needed to adjust the timing of when certain revenues and costs were recognized in Europe between the 2025 fiscal year and previous comparative reporting periods. The travel management company said KPMG is conducting a “detailed review” of financial statements for the 2023, 2024 and 2025 fiscal years, and that the “significant amount of work” and “subsequent audit work” would not be completed by its previously set deadline of Sept. 25. CTM now expects to provide an update in November.
CTM voluntarily suspended trading of its securities on the Australia Securities Exchange amid the audit, and that suspension will remain in place until its 2025 fiscal year accounts are released, the company said.
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