Corporate Travel Management Documenting, Finalizing Refund Arrangements for UK Customers
Corporate Travel Management (ASX:CTD) said that it is in the final stages of documenting and finalizing commercial agreements with impacted customers in the UK in relation to staged and orderly refund arrangements, according to a Monday Australian bourse filing.It developed a funding plan to address the staged and orderly refund arrangements for affected UK customers. It added that it was in productive talks with lenders regarding the proposed customer arrangements and related funding requirements.In an earlier filing, the company said that it expects to reverse up to 118 million pounds sterling of revenue from fiscal year 2025 and prior years' results, 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.It is progressing toward the release of its audited fiscal 2025 financial statements and reviewed fiscal 2026 first half financial statements by June 30, and the reinstatement of its shares to trading on the ASX as soon as possible.
