Corporate Travel Management’s re-listing delayed to at least August
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The news: The recommencement of trade of Corporate Travel Management on the ASX has been delayed to at least August as the company continues to finalise UK remediation, after it was found to have overcharged customers, and as it finalises FY25 and 1H26 accounts.
The numbers: The company also expects to impair all Europe segment goodwill of GBP92 million ($175.67 million). Further goodwill impairments of $77 million in the ANZ segment and USD49 million ($71.1 million) in the North America segments are also expected.
The context: The company said at the start of June that it would release audited FY25 financial statements and reviewed 1H26 financial statements by 30 June 2026 ahead of the reinstatement of ASX trading as soon as possible after that. It has been suspended from trade since August 2025.
On Thursday, Corporate Travel Management flagged it now expects to lodge FY25 and 1H26 financial accounts in August 2026.
The delay is due to “the interdependent nature of the UK customer remediation, financing arrangements, together with the remaining audit and review procedures”, according to the company. This includes dealing with two matters identified during the audit process.
Firstly, Corporate Travel Management will lower FY24 revenue by about $10 million to $15 million in the ANZ region, of which 80% arose between FY19 and FY23. Secondly, the UK arm has identified a number of issues with client contracts related to margins on air bookings for further assessment.
Finalisation of UK remediation arrangements is subject to the completion of the FY25 accounts.
The ANZ and US impairments reflect “various factors including more conservative forecast on growth rates, increased cost of capital and investment in governance”.
The source: ASX
