Flight Centre posts strong recovery as trading climate improves
Brisbane-based global travel agency Flight Centre Travel Group reported EBITDA of $301.6 million for FY23, an approximately $485 million turnaround from last year’s loss.
Total transaction value grew 112 per cent to $22 billion, the company’s second-strongest result.
Results were heavily 2H weighted, with almost 70 per cent of underlying EBITDA generated during the six months ended June 30, reflecting improved market conditions after travel restrictions were removed globally, improved industry dynamics, and normal seasonality.
The firm says it has lowered its cost base but continued to invest in important growth drivers.
“After an incredibly challenging period, we are pleased to report material profit and sales uplifts in improved conditions during FY23, leading to stronger shareholder returns,” said Graham Turner, MD of Flight Centre.
“Sales more than doubled group-wide, as our leisure and corporate divisions both delivered more than $10 billion in annual TTV for the first time.
“Corporate TTV reached $11 billion, comfortably surpassing the previous record and broader sector recovery, as our business consolidated its position as a global industry leader with a compelling customer offering across two key brands – FCM and Corporate Traveller.”
Turner remains confident in further recovery in FY24, as the travel market “seems to be holding up reasonably well compared to other sectors.”
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