Troubled travel business Corporate Travel Management has warned the market its financial accounts would not be available until August.
The firm, which has overcharged the British government by an estimated ยฃ118 million to ยฃ128 million ($220 million to $240 million), said it is still in the process of completing accounts which are central to efforts to repay its overcharged client, the UK government.
In April, the Australian company said overpayments had extended into 2025 and the company would have to restate its financial accounts for every year going back to 2019.
At the heart of the issue was Corporate Travel Managementโs contract with the UK government to house asylum seekers within the UK on barges in a bid to save taxpayer money.
While the company is in the process of refunding customers, โthe finalisation and implementation of the UK remediation arrangements remain subject to completion of the FY25 accountsโ, it said in a market update on Thursday.
In the ASX update, Corporate Travel Management said its FY25 and 1HFY26 financial statements were โsubstantially advanced but not completeโ.
Shares had been suspended from trading on the ASX since August 2025 after the discovery of significant overcharging and accounting errors in its UK/Europe operations.
โWith issues continuing to arise even at this late stage, we see the pathway to a re-listing narrowing,โ said RBC Capital Markets. โWe also view recent negative media attention on the audit sector as another unfortunately timed headwind.โ
โWe fear the bar for Deloitte (Corporate Travel Managementโs auditor) to sign-off on accounts may have now materially risen,โ the group said.
Acting Group CEO Ana Pedersen said: โWe recognise the delay is deeply frustrating for shareholders and acknowledge the uncertainty it has created.โ
The company sacked its CEO Michael Healy in December, as news of the scandal unfolded.
Chris Zappone is a senior reporter covering aviation and business. He is former digital foreign editor.Connect via X, Facebook or email.From our partners
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