“Modest” second half profit due to a strong final quarter, achieved on $10.3 billion in TTV.
Flight Centre Travel Group has just released its full year financial results, with a statutory $337.8 million pre-tax loss described as a significant improvement on the $601.7 million loss the previous year.
The company is citing its “underlying EBITDA” figure of a $183.1 million full year loss, saying it was a 46% improvement on the FY21 result and well within its guidance range.
The company said the year saw it increase market share in key countries and sectors, and achieve its targeted leisure and corporate return-to-profitability timeframes.
Flight Centre said the added complexity of travel in the post-pandemic era is fuelling a “renaissance of the travel advisor” as passengers seek expert advice, seeing the company target additional staff including experienced travel agents displaced during COVID-19 while also “reinitiating its novice recruitment programs at scale”.
The company said it had started the new financial year with “solid momentum” and expects to be tracking close to its monthly pre-COVID TTV levels within the next 12 months.
Flight Centre also today appointed Kirsty Rankin as a non-executive director. Rankin was CEO of Pinpoint Pty Ltd prior to its sale to Mastercard, with Chairman Gary Smith saying she has “vast global experience in areas that are crucial to the future of our business”.
More details in today’s issue of Travel Daily.