Flight Centre Travel group achieves $6 billion 1Q TTV in AGM 2023

Thursday, November 16, 2023

Flight Centre Travel Group kicked out the fiscal year with a bang, revealing impressive financial figures at their 2023 Annual General Meeting (AGM). In the first quarter, the company announced a Total Transaction Value (TTV) of $6 billion, marking its second-best start to a year and a remarkable 20% rise over the same period last year.

Corporate TTV achieved a new high of $3.1 billion in the first quarter, outpacing the industry’s overall sector recovery, which was at 72% of pre-COVID levels. FCM, the company’s primary division, gained new contracted accounts with annual spending of AUD $565 million, contributing considerably to organic growth.

FCM Asia’s Managing Director, Bertrand Saillet, commented on the good developments in business travel in Asia. Despite difficulties in China and Japan, North Asia achieved parity, and the area is likely to develop further this year. FCM’s use of the FCM Platform, a new technology that improves self-service capabilities, was critical to gaining new consumers in the region.

Flight Centre Travel Group’s Global Corporate CEO, Chris Galanty, emphasized the corporate division’s strong performance. In the first quarter of FY24, the business, which includes FCM and Corporate Traveler, produced a record-breaking TTV of almost AUD $900 million. FCM earned big victories in North America, the United Kingdom, and Asia, adding to a strong October finish.

Despite global macroeconomic headwinds, FCM and Corporate Traveler continue to gain new customers and increase market share. The small-to-medium-sized enterprise market in the United States and Canada is particularly strong. The success of digital platforms, such as Melon in the United States and the United Kingdom and the FCM Platform, has been a crucial differentiator in drawing new clients. All new FCM customers are now successfully integrated into the FCM Platform, demonstrating the company’s dedication to technological innovation and customer satisfaction.

With a people-first strategy and successful technological investments, Flight Center Travel Group remains a leader in the corporate travel sector, positioned for ongoing success throughout the fiscal year.

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