Flight Centre Travel Group reported record corporate total transaction value in the first quarter of its fiscal year, as overall TTV across the company increased 20 percent year over year to A$6 billion (US$3.9 billion).
The group's corporate TTV in its first quarter, which ended Sept. 30, 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 Traveler.
"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," Flight Centre global corporate CEO Chris Galanty said in a statement. "Despite the challenging macro environment globally, FCM and Corporate Traveler 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, Turner said. Revenue in the quarter was up 38 percent 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.
RELATED: Flight Centre FY2023 results