Key points
- FY25 results delayed due to UK business issues
- Remediation and governance uplift program underway
- Strong TTV retention and new business wins
- FY26F guidance provided
- New debt facilities secured
Full summary
Corporate Travel Management Ltd announced its FY25 results, which were delayed due to significant operational and accounting issues in its UK business. The company has initiated a forensic accounting review and implemented significant changes, particularly in leadership, financial controls, and operational processes. A governance uplift program is being executed to address enhancements identified in the review. The company reported strong TTV retention and new business wins, with remediation efforts for UK customer-related liabilities and refund programs underway. FY26F guidance was provided, and new debt facilities were secured with PEP Credit.
Guidance
FY26F Group Underlying EBITDA guidance: $113.6m
Outlook
Corporate Travel Management Ltd is moving from remediation to a disciplined global operating model, with governance, controls, and accountability embedded into the business.