Corporate Travel Management has delayed the completion of its revised financial reports as its overcharging crisis drags on.
The Australia-based travel management company in a Thursday statement to the Australian Securities Exchange said that it now expected its revised fiscal year 2025 and half-year 2026 accounts to be finalized in August, instead of its previous target of June 30. The company added that work on these reports was "substantially advanced but not complete."
CTM had hoped its shares would start trading again on the Australian Securities Exchange by the end of this month. But they remain suspended, and the company faces a deadline of Aug. 31 to file its accounts or risk having its shares delisted.
CTM shares have been suspended from the exchange since August 2025, when the company first reported auditing issues, which later snowballed into a full-blown accounting scandal and the departure of founder Jamie Pherous in February.
In its update, CTM said that it had now discovered that its accounting problems also impacted some clients in Australia and New Zealand going back to 2019. It said this would lead to a reduction of its revenue of $6.9 million to $10.3 million in U.S. currency (or A$10 million to A$15 million) for the 2024 financial year.
The company said there could also be more accounting problems relating to its UK business, with the review of its accounts uncovering potential issues relating to "margins on air bookings." CTM already has revealed that it overcharged UK customers, including the UK government, by up to #128 million.
CTM said it was working towards completing three "key, interdependent activities" to resolve the crisis. This involves finalizing the reporting, audit and review of its accounts, securing the finance to support the repayment of affected clients, as well as reaching agreements to refund these customers.
The TMC added that it was "in final stages of documenting commercial agreements with key impacted customers in the UK in relation to staged and orderly refund arrangements."
"We recognize the delay is deeply frustrating for shareholders and acknowledge the uncertainty it has created," Ana Pedersen, CTM acting group CEO, said in its statement.
"We have made meaningful progress towards finalizing CTM's financial statements, U.K. customer remediation and financing workstreams."
CTM is estimated at No. 10 on Travel Weekly's 2026 Power List.
This report was initially published by Business Travel News, a sister publication to Travel Weekly.