Flight Centre Travel Group reports rise in profits and transactions value passing 2019 levels

Australia-based Flight Centre Travel Group (ASX:FLT) has issued full year results for FY24 to the Australian Securities Exchange that show the company delivered a AU$320m (US$218.1m) underlying profit before tax (PBT) for 2024 fiscal year. The result is a 131% increase on the AU$139m FY23. Total Transaction Value (TTV) reached a record AU$23.74bn, slightly above the AU$23.7bn FY19 result and a circa AU$1.8bn year-on-year increase, with both corporate and leisure businesses delivering more than AU$1bn year on year growth, and corporate achieving another record. The group’s global corporate business delivered a 44% underlying PBT increase to AU$211m, with Corporate Traveller contributing a record profit. Corporate TTV increased by 10% to a record AU$12.1bn, as the business finished the year about 35% larger than FY19 in a sector that has only recovered to circa 80% of the pre- pandemic activity levels (Source: MIDT). Melissa Elf (pictured), ANZ managing director/global COO, Flight Centre Corporate, commented: “Flight Centre Corporate’s results underscore the importance of business travel, and the significant contribution it delivers to the wider Flight Centre Travel Group. “In FY24, we observed clear indicators of a rise in the volume, expenditure, and frequency of corporate travel, demonstrating that businesses across Australia regard it as an essential facet, rather than an optional one. Chris Galanty, global corporate CEO, Flight Centre Travel Group, added: “It’s been a robust year for the corporate pillar of the Flight Centre Travel Group with our flagship brands of Corporate Traveller and FCM Travel delivering record Total Transaction Value in a sector that has only recovered to circa 80% of pre-Covid transaction volumes. “This result has been driven by high customer retention rates and a large pipeline of new account wins, some of which have yet to be fully implemented, so we’ll see the benefits of these flow over the coming months once they begin trading.” Galanty noted that the group continued to invest, “and this year saw us launch our global corporate-specific AI Centre of Excellence that’s revolutionising customer service, empowering our agents through smart automation, and is a key driver as we remain on track to deliver our Productive Operations project.”