Corporate Travel Management Holds 2025 and 2026 AGMs on Same Day After Delayed FY25 Audit

Anjali Anand

12 November 2026 10:15 AM AEDT

Corporate Travel Management Holds 2025 and 2026 AGMs on Same Day After Delayed FY25 Audit

Image Source: Krish Capital Pty Ltd

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Corporate Travel Management (ASX:CTD) held its 2025 and 2026 Annual General Meetings consecutively on 12 November 2026, with Chairman Ewen Crouch AM disclosing that the dual meetings were convened on the same day due to an extensive delay in completing the FY25 audit process, following the identification of accounting issues in a UK subsidiary in August 2025.

Key Points

The 2025 and 2026 AGMs were held consecutively on 12 November 2026 due to delays in completing the FY25 audit process.
Accounting issues identified in one of the Group's UK subsidiaries in August 2025 led to goodwill impairments of $357.7 million and a net loss after tax of $346.7 million for FY25.
Despite the issues, CTD reported an Underlying EBITDA of $83.6 million for FY25.
Trading in CTM shares was reinstated on ASX on 3 September 2026, following the release of the FY25 and FY26 financial statements.
Settlement agreements with impacted UK customers and new financing arrangements were executed in August 2026.

Accounting Issues and FY25 Financial Impact

The Chairman disclosed that accounting issues were identified in one of the Group's UK subsidiaries in August 2025, triggering a review that expanded from specific issues into a broader assessment of operational matters, historical contracts, accounting treatments, reporting processes and control frameworks within the UK region. The review involved extensive forensic investigative, accounting and remediation work. The financial impact included material adjustments to revenue previously recognised in the UK business, resulting in the restatement of prior period financial results, goodwill impairments of $357.7 million and a net loss after tax of $346.7 million for FY25. The company reported an Underlying EBITDA of $83.6 million for FY25.

Share Trading Suspension and Reinstatement

According to the filing, the suspension of trading in CTM shares continued while the company was unable to complete its audited financial statements within anticipated timeframes. The Chairman's address stated that the completion of outstanding reporting obligations enabled the reinstatement of trading in CTM shares on ASX on 3 September 2026. During FY26, the company also executed settlement agreements with impacted UK customers and established new financing arrangements in August 2026, following completion of the extensive investigative and accounting work required to support the release of the delayed FY25 financial statements.

Governance Changes and 2026 AGM Disclosures

The Chairman's 2026 AGM address stated that during FY26, the company moved from a founder-led model to a refreshed corporate structure and made substantial progress in resolving matters within the UK business. The Managing Director and Group Chief Executive Officer's address was delivered at the 2026 AGM, covering the Managing Director's tenure, what was achieved in FY26 and business performance for the year to date. The Board oversaw customer remediation activities and a range of initiatives described as designed to strengthen governance, accountability and oversight across the broader CTM Group.

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