Flight Centre Travel Group projects that it broke even during the first six months of 2022, due to a faster-than-expected recovery and growing its market share within corporate travel by winning new clients.
The Australian-based company, which owns TMC brands FCM and Corporate Traveller, reported total transaction value (TTV) of A$10 billion (€6.8 billion) for the year ending on 30 June, which represented an increase of 150 per cent on 2021.
Group managing director Graham Turner credited increased demand and higher airfares for Flight Centre being able to break even in the second half of its financial year. He also noted the company had made a “healthy profit” in its fourth quarter.
Turner added: “In the corporate sector, we are gaining market share globally through high customer retention rates and a multi-billion-dollar pipeline of new accounts won across our Corporate Traveller and FCM brands during the pandemic.
“Wins range from start-ups and small to medium-sized businesses in Corporate Traveller to enterprise-level global accounts like Shell and other high-profile companies [that] are moving to FCM from competitors.”
Flight Centre now projects its annual loss in earnings before interest, taxes, depreciation and amortisation (ebitda) will be between A$180 million (€123m) and A$190 million (€130m), compared to earlier projections of losses ranging between A$195 million (€133m) and A$225 million (€153m). The group will release its full audited results for the year on 25 August.