Flight Centre smashes predictions with new financial results posting
Flight Centre Travel Group has released its financial results for 1H23, with the company beating its predictions by 19 per cent.
Flight Centre reported an EBITDA of $95 million, which is an almost $280m turnaround from the $184m underlying EBITDA loss recorded during the previous corresponding period (PCP).
The group was profitable in both its global leisure and corporate travel divisions and in all geographic segments apart from Asia, which broke-even during the first half of the 2023 financial year.
Sales recovered strongly, with the group’s TTV increasing 203 per cent to $9.9 billion (80 per cent of Flight Centre’s record FY20 1H result) and revenue increasing 217 per cent to $1b.
Flight Centre’s global corporate travel business delivered a record 1H TTV of $5b, with the ANZ and Europe, Middle East and Africa (EMEA) corporate businesses also generating record 1H TTV, while the United States (US) business finished just below its record FY20 1H contribution.
“Worldwide, our global corporate business is deep into recovery with record 1H TTV – almost 150 per
cent growth on the FY22 1H result – outpacing the broader industry,” Chris Galanty, global CEO, Flight Centre Corporate said.
“This unequivocal rebound reinforces the importance clients are placing on travel as a critical driver for economic success.”
Flight Centre’s leisure recovery gained momentum with TTV reaching $4.4b, 44 per cent of the group’s total and a strong increase on leisure’s 25 per cent contribution to group TTV during the PCP. The group attributed this to a $770m contribution from Flight Centre’s online businesses and its emerging network of lower cost leisure brands and businesses.
“It’s been a really encouraging first half of the financial year for our corporate divisions of FCM Travel, Corporate Traveller, and Stage and Screen, with corporate outpacing the industry recovery with a record 1H23 TTV – and we’re on track to deliver a record FY23 TTV,” Melissa Elf, ANZ MD, Flight Centre Corporate said.
Email the Travel Weekly team at traveldesk@travelweekly.com.au
1H23 flight centre flight centre travel group FY23Latest News
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