Flight Centre Travel Group announced (30-Aug-2023) the following highlights from its corporate travel business in FY2023:
- New total transaction value (TTV) milestones were established in all geographic segments, with Europe, the Middle East and Africa (EMEA) business topping its previous record by 59%, Asia by 24%, the Americas by 15.6% and Australia and New Zealand (ANZ) by 10.5%;
- The Americas business was the largest corporate operation, generating 31% of group corporate TTV, just ahead of ANZ (30%), EMEA (28%) and Asia (11%);
- Corporate transaction volumes exceeded pre-COVID-19 levels, "well ahead" of the estimated industry wide recovery of 70% to 75% of FY2019 transaction levels;
- FCM secured new, contracted accounts with annual spends in the order of AUD1.6 billion (USD1 billion) with wins typically coming from competitors;
- More than half of Corporate Traveller's wins (uncontracted) were previously unmanaged accounts;
- Bottom line results were impacted by significant upfront costs incurred in winning and onboarding a large volume of accounts secured, with around 1000 new sales and support staff added to the corporate workforce during FY2023. The business also invested in leading tech platforms, with Melon deployed in the UK and new features added to the global FCM platform. [more - original PR]