Trans-Tasman travel company Flight Centre Group has reported a 217 per cent jump in its revenue to $1 billion in interim results.
For the six months to December 31, the company delivered $95 million in EBITDA, higher than it projected.
Group-wide total transaction value (TTV) grew 203 per cent to $9.89 billion compared to the same period last year however pre-tax profits fell $18 million.
Corporate businesses globally delivered a record TTV of $5 billion during the half and are expected to exceed $10 billion during the financial year while leisure TTV contributed $4.4 billion to the group total, up 44 per cent. Online businesses turned over $770 million.
Graham Turner, CEO of Flight Centre Group, said the results are a “solid start” however he stressed the business has yet to fully recover from the interrupted trading environment during Covid.
“While we continue to monitor market conditions, we are not currently seeing evidence that the recovery is slowing with the leisure business currently trading at post-Covid highs and corporate travel activity escalating after the traditional holiday period,” he said.
“This underlines both the significant pent-up demand that still exists for travel in this early recovery phase and the sector’s proven resilience.“
During the half, the company acquired UK-based premium leisure travel business Luxury Travel Holdings Limited (Scott Dunn) for $211 million to expand its presence in the global luxury travel sector.
Surging travel demand restores profit for Flight Centre in fourth quarter
