Corporate Travel Management (ASX:CTD) now expects to reverse up to 118 million pounds sterling of revenue from fiscal year 2025 and prior years' results, up from a previously flagged amount of 77.6 million pounds sterling, according to a Wednesday filing with the Australian bourse.
The development comes after the company hired KPMG to perform a forensic accounting review for certain years, with KPMG identifying areas of concern regarding the recognition of the UK group's concluded customer contracts and other revenue.
The company said revenue of up to about 10 million pounds sterling may need to be reversed in the fiscal first-half results, depending on the outcome of commercial discussions with certain customers. The review confirmed that certain customers were charged above the contractual entitlement.
Corporate Travel Management has made "significant changes" within its UK business, especially across financial controls and operational processes, it said, adding that the review has not identified any issues in other regions.
The company aims to release audited fiscal year 2025 and reviewed fiscal first-half 2026 financial statements in the second quarter of the year.