Strong corporate business boosts Flight Centre’s 1H results

The Flight Center Travel Group recorded a AU$106 million underlying profit before tax (PBT) for the first half of its financial year, boosted by “strong” business travel growth which saw corporate total transaction value increase 16.8 per cent to a record AU$5.9 billion .

Its underlying profit increased AU$90 million, or 565 per cent, from AU$16 million in the previous corresponding period.

Underlying corporate PBT increased 53 per cent, to AU$93 million, in the six months to 31 December 2023. In its results statement, the Australian company said its corporate business “again achieved new sales milestones and comfortably outpaced the broader corporate travel sector’s recovery. ”

The group’s corporate business contributed 52 per cent of overall TTV which rose 15 per cent to AU$11.3 billion, marking FCTG’s second-strongest start to a financial year behind only July-December 2019.

“These record results, built on high customer retention rates and large volumes of new account wins, were achieved in a sector that has only recovered to around 70 per cent of pre-Covid transaction volume levels, pointing to our healthy market-share growth, ” said Chris Galanty, global corporate CEO, Flight Center Travel Group.

“We have seen strong corporate growth across Europe in the first