Flight Centre Travel Group projects that it broke even during the first six months of this year due to a faster-than-projected recovery.
The projection was part of a guidance update issued on Monday for the company’s 2022 fiscal year, which ended June 30, for which the Australia-based TMC reported total transaction value for the year of more than A$10 billion (US$6.9 billion), more than 250 percent of the value during the 2021 fiscal year. Both increased demand and above-average airfares have pushed Flight Centre to “a breakeven second half result and a healthy fourth quarter profit,” group managing director Graham Turner said in a statement.
Turner also credited growth in corporate travel marketshare due to new accounts and “high customer retention rates” for the improved outlook. “Wins range from start-ups and small to medium-sized businesses in Corporate Traveler to enterprise-level global accounts like Shell and other high-profile companies [that] are moving to FCM from competitors,” according to Turner.
The group now projects its loss in earnings before interest, taxes, depreciation and amortization for the fiscal year will be between A$180 million and A$190 million, compared to earlier projections of A$195 million to A$225 million. The group will release its audited results on Aug. 25.
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