Flight Centre Travel Group, whose brands include FCM and Corporate Traveller, reported record corporate total
transaction value in the first quarter of its fiscal year, as overall
TTV across the company increased 20 per cent year over year to A$6
billion (US$3.9 billion).
The group's corporate TTV in its first
quarter, which ended 30 September, was more than A$3.1 billion (US$2
billion), with which Flight Centre "continued to outpace the broader
sector's recovery," global managing director and CEO Graham Turner said.
During the quarter, the group added new business totaling about A$900
million (US$586.8 million) in projected annual spending, including A$565
million (US$358.4 million) for FCM and A$315 million (US$205.5 million)
in previously uncontracted business for Corporate Traveller.
"FCM
in particular has been able to secure some strong wins in both North
America, United Kingdom and Asia, one of the main reasons we saw a
particularly strong end to the month of October," said Flight Centre global
corporate CEO Chris Galanty. "Despite the
challenging macro environment globally, FCM and Corporate Traveller
continues to win new customers and grow marketshare while keeping their
resilient customer bases."
Total TTV across the group was just shy
of the A$6.2 billion (US$4 billion) seen in the comparable quarter in
2019, prior to the pandemic, said Turner. Revenue in the quarter was up
38 per cent year over year, he said.
"This improvement across both
the leisure and corporate businesses was driven by strategic initiatives
related to pricing, attachment of higher-margin products, ancillary
sales and improved supplier margins," according to Turner.
Steve Norris, managing director, Flight Centre Corporate EMEA added: "Innovations in hybrid event technology, coupled with an emphasis on personalised experiences have seen a surge. This trend has played a key role in FCM’s focus on boosting its meetings and events offering. We can foresee this remaining a huge growth area for the industry, both regionally and globally."
Norris also lauded Corporate Traveller UK's growing SME business, saying the company has had an "exceptional" year, with its Stage, Screen and Sports division witnessing the fastest growth with an increase of over 20 per cent in customers from the creative and entertainment industries.