[Australia and New Zealand] CTM admits underpayments as financial challenges continue

The financial challenges of Corporate Travel Management (CTM) have deepened after the travel management company admitted to underpaying staff in Australia and New Zealand by around AU$2.39 million (€1.46 million), BTN reports.

According to reporting from The Beat (subscription required), CTM identified a payroll issue “relating to the interpretation and application of certain provisions” during the period 2019-2026.

The admission reportedly comes in the wake of the Australia-based travel management company delaying publication of its FY25 and 1HFY26 financial statements after previously acknowledging it had overcharged UK customers, including the UK government, by £128 million.

In addition, CTM confirmed in June that its accounting problems had affected clients in Australia and New Zealand dating back to 2019. Stating that this would reduce its revenue by between AU$10 million and AU$15 million for the 2024 financial year.

On July 17, CTM also disclosed the resignation of company secretary and group chief legal officer Shelley Sorrenson. A replacement has not been named. Ms Sorrenson will leave on August 14.

Company founder and managing director Jamie Pherous reportedly resigned in February, while former CTM UK CEO Michael Healy was sacked in December 2025 for a “breach of contractual obligations”.

Source: BTN

(Link and quotes via original reporting)

The financial challenges of Corporate Travel Management (CTM) have deepened after the travel management company admitted to underpaying staff in Australia and New Zealand by around AU$2.39 million (€1.46 million), BTN reports.

According to reporting from The Beat (subscription required), CTM identified a payroll issue “relating to the interpretation and application of certain provisions” during the period 2019-2026.

The admission reportedly comes in the wake of the Australia-based travel management company delaying publication of its FY25 and 1HFY26 financial statements after previously acknowledging it had overcharged UK customers, including the UK government, by £128 million.

In addition, CTM confirmed in June that its accounting problems had affected clients in Australia and New Zealand dating back to 2019. Stating that this would reduce its revenue by between AU$10 million and AU$15 million for the 2024 financial year.

On July 17, CTM also disclosed the resignation of company secretary and group chief legal officer Shelley Sorrenson. A replacement has not been named. Ms Sorrenson will leave on August 14.

Company founder and managing director Jamie Pherous reportedly resigned in February, while former CTM UK CEO Michael Healy was sacked in December 2025 for a “breach of contractual obligations”.

Source: BTN

(Link and quotes via original reporting)