Corporate Travel Management’s accounting scandal has deepened after the company said it will have to reverse £80 million ($162 million) worth of revenue related to unspecified United Kingdom customer contracts and that it had stood down the head of its UK and Europe business.
The company warned that further restatements and adjustments “may be required”, withdrawing guidance for its still unreleased financial year 2025 accounts provided on May 2, in which it claimed its Europe business was performing “significantly above” targets.
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