Flight Centre responds to speculation over acquisition plans
Flight Centre has responded to media speculation over its alleged plans to acquire a US-based corporate travel business.
Following reports published in The Australian yesterday, Flight Centre has posted a statement to the ASX to assure investors that any acquisition plans would be above board.
According to the Australian, Flight Centre is considering acquiring Altour International, the largest representative for American Express Travel.
The US-based corporate travel business is part of Internova Travel Group and is estimated to be worth as much as $700 million.
The company’s answer neither confirmed nor denied its interest in acquiring the company.
“While it is company policy to not respond to media speculation, the company has had, and continues to have, various discussions with a number of parties regarding strategic opportunities,” the travel agency said.
“This intention to consider acquisition opportunities to complement growth was outlined in FLT’s recent result announcements.
“FLT confirms it is in compliance with listing rules and will continue to comply with continuous disclosure obligations.”
On Thursday, Flight Centre recorded a “modest” second-half profit to finish FY22 despite a full-year before-tax loss of $377.8 million.
The travel agency released its full-year results this morning, revealing TTV and revenue increased 162 per cent to $10.3 billion and 154 per cent to $1 billion respectively over the full year.
The company’s loss before income tax for FY22 was listed as $377.8 million, showing a huge improvement on FY21’s $601.7 million loss and FY20’s $848.6 million loss.
Email the Travel Weekly team at traveldesk@travelweekly.com.au
acquisition Altour International American Express Travel corporate travel flight centreLatest News
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