Flight Centre Travel Group Records Strong Profit Turnaround During 2023 Fiscal Year

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2min read

Published 7 September 2023


Flight Centre Travel Group (ASX:FLT) recorded a strong profit turnaround during FY23. 

The diversified global travel company delivered AUD$301.6million in underlying EBITDA for the 12 months to June 30, 2023 – an almost AUD$485million turnaround from FY22’s AUD$183.1million underlying loss. 

The result represented a 265% YOY improvement and was above the mid-point in FLT’S upgraded, targeted profit range FY23 (AUD$295million-AUD$305million). 

On a profit before tax (PBT) basis, the company achieved an underlying AUD$106million profit (FY22: AUD$361million loss) and an AUD$70million statutory PBT (FY22: AUD $378million loss). 

FLT's corporate travel business continued to out-perform, comfortably out-pacing broader industry recovery and delivering record TTV during FY23. 

The AUD$11billion FY23 result represented 96 per cent YOY growth (FY22: AUD5.6billion) and an almost 25 per cent increase on the previous TTV record (FY19: AUD$8.9billion). 

New TTV milestones were established in all geographic segments, with the Europe, Middle East, and Africa (EMEA) business topping its previous record by 59 per cent, Asia by 24 per cent, the Americas by 15.6 per cent, and Australia-New Zealand (ANZ) by 10.5 per cent. 

The Americas business was FLT’s largest corporate operation, generating 31 per cent of group corporate TTV, just ahead of ANZ (30 per cent), EMEA (28 per cent), and Asia (11 per cent). 

For the full statement to the ASX, CLICK HERE

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