Corporate Travel Management postpones FY25 report and suspends trading
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The news: Travel agency Corporate Travel Management (CTM) said it is unable to release its full-year accounts by the deadline of 31 August.
CTM has voluntarily suspended trading on the ASX until its new target release date of 25 September.
The context: CTM's auditors told the company on Friday there "may be adjustments required relating to the timing of the recognition of certain revenues and costs between FY25 and prior comparative reporting periods".
CTM said it requested a trading halt in order to assess the potential impact. It said any restatement would be to increase earnings in prior years and reduce FY25 earnings.
Any restatement is expected to be non-cash in nature and primarily reflects timing differences across accounting periods.
The source: ASX
