Flight Centre Travel Group releases its full-year FY24 results to the ASX
Flight Centre Travel Group (ASX:FLT) has issued its full year results for FY24 to the Australian Securities Exchange. Please click here for the full announcement.
Flight Centre Travel Group has delivered a AU$320 million underlying PBT for 2024 fiscal year (FY24) – the result is a 131 per cent increase on the AU$139 million FY23 and is at the mid-point of FLT’s guidance range.
Total Transaction Value (TTV) reached a record AU$23.74 billion, slightly above the AU$23.7 billion FY19 result and a circa AU$1.8 billion year on year increase, with both corporate and leisure businesses delivering more than AU$1 billion year on year growth, and corporate achieving another record.
FLT’s global corporate business delivered a 44 per cent underlying PBT increase to AU$211 million, with Corporate Traveller contributing a record profit.
Corporate TTV increased by 10 per cent to a record AU$12.1 billion, as the business finished the year about 35 per cent larger than FY19 in a sector that has only recovered to circa 80 per cent of the pre-pandemic activity levels (Source: MIDT).
Comments by Renos Rologas, FCM Travel General Manager, ANZ:
“We’re seeing all signs point to an increase in volume, spend and frequency of corporate travel, proving businesses across Australia see it as anything but a discretionary spend.
“It’s evidenced in Flight Centre Travel Group’s (ASX:FLT) full-year FY24 results announcement, which points to the strength of corporate travel, as a critical component of the group.
“FCM’s very strong customer win and retention performance saw our large-market travel division of the group achieve a 10 per cent year-on-year increase in transaction volumes globally.
“Our investment into new technology – with customer experience and the opportunity for sophisticated self-service within the FCM Platform at the fore – has resonated within our market and is driving greater market share.
“Our strategy is built on customer insights, and in response, we continue to enhance productive operations to deliver a blend of outstanding people and leading technology to seamlessly manage complex travel programs.
"We’re optimistic about the financial year ahead, with the forecast business travel spend among Australians in 2024, according to the Global Business Travel Association’s lates outlook, expected to see around 12 per cent growth on 2023 spend. This firmly brings corporate travel back to pre-pandemic levels of spend for the first time.
"Australians are very active business travellers, particularly when you look at this on a per capita basis. We ranked 12th in the world on business travel volume in 2023, while being ranked 55th by our population size compared to the rest of the world.
"Trade, imports and exports among key partners - primarily across Asia and the United States - is critical to the Australian economy.
“We know that business is best done face to face; the research shows this, and our customers tell us time after time, so it's very encouraging to see a return to normal in our corporate travel activity. The positive effects of this will certainly be felt by businesses and our broader economy.”