Flight Centre Travel Group releases its full-year FY24 results to the ASX

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 Tom Walley, Global Managing Director for Corporate Traveller:

"I’m proud to say that Corporate Traveller now has more than 4,000 active customers and we helped more than 200,000 people travel – it’s fantastic that we get the opportunity to support so many great businesses in their journey towards growth.

"We know that great service plays a critical role in these results, and I’m delighted by our NPS results – and we will strive to be even better in FY25. We’re also particularly proud to make this a business where everyone enjoys coming to work, because that leads to great service, and I’m pleased to say we achieved a Great Place to Work score of 78 per cent – a real testament to our great people."

Comments by Chris Galanty, Global Corporate CEO, Flight Centre Travel Group:

 “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 per cent 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.

“FCM Travel transaction volumes rose by 10 per cent year on year as the business continues to win and service large multi-national and enterprise-level accounts, while Corporate Traveller delivered a record profit globally, alongside winning managed and unmanaged SME and start-up accounts.

 “Our blend of exceptional people and innovative technology continues to set us apart with both dedicated travel consultants and managers joining forces with the mass adoption of Corporate Traveller’s Melon online booking tool in the Northern Hemisphere and FCM Platform globally.

 “We’ve 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.

“We’ve also spent a lot of time in understanding the pain points of our customers and we’ve made significant investments to solve these problems – this has since allowed us to generate new revenue streams – meaning that we ultimately stay ahead of the curve.

“We’ve done an excellent job in building a solid foundation of stability, and as recent global industry-wide issues have proved, it always pays to have a travel management company on your side.

“The corporate arm of the Flight Centre Travel Group is a materially larger business than pre-COVID and we’re energised by the progress we’ve made in the Grow to Win space - and will continue to make - in productive operations in Flight Centre Travel Group’s journey to becoming a two per cent margin business.”