FCM and Corporate Traveller, the business travel brands of Flight Centre Travel Group (FCTG) have estimated a return to profitability by April.
In its half-year 2022 results FCTG reported that its corporate business increased more than 50 per cent above January levels in the middle of February.
The upward trend was noted across all regions and followed a 150 per cent increase in total transaction value (TTV) to more than £1 billion for the six months ended 31 December, 2021 year-on-year.
The company added that the business travel brands contributed about 60 per cent of sales to the half-year period.
Chris Galanty, global CEO, Flight Centre Corporate, said: “We are encouraged to see recovery across the global corporate sector shifting upwards, with client demand and bookings emphatically on the rise as more countries open their borders to international travellers once again. The improved performance of our FCM and Corporate Traveller businesses is indicative of renewed confidence in our reinvigorated products and services, and testament to the incredible resilience of our clients who are looking to make up for lost time and reconnect in real-life for successful business development in 2022.”
FCTG added that its corporate TTV could pass peak monthly 2019 levels during the company full-year 2023.
Galanty added: “While there may be further challenges to overcome, our investment, preparation and commitment means that we are primed and well placed for recovery. I am optimistic about the corporate business and its future, and look forward to when the impact from Covid on travel has disappeared.”
The company reported that the EMEA and Americas regions generated 50 per cent of TTV in the first half of 2022 and continue to lead the recovery with corporate TTV in these regions tracking 90 per cent and 55 per cent respectively above January levels.
FCTG also said that account wins since the end of its first half 2020 reporting period have reached more than £2 billion in annual pre-Covid spend, representing a 50 per cent growth in global corporate business compared with 2019’s levels.
The company said 12 of its 20 largest corporate customers globally were secured during the pandemic.