Flight Centre upgrades profit guidance

FLIGHT Centre Travel Group (FCTG) has updated its profit guidance this morning, announcing it now expects a $483 million turnaround in underlying EBITDA for the 2023 financial year.

The new $295-305 million forecast represents a 7% increase on the midpoint in the company’s previously flagged range of $270-290 million, reflecting strong post-COVID recovery and the multi-billion pipeline of new accounts secured across both the FCM and Corporate Traveller brands during the pandemic.

Additionally, FCTG’s global Total Transaction Value (TTV) for the last year is expected to be around $22 billion, more than double the prior year, and only just behind the $23.7 billion 2018/19 record.

“Overall, we are pleased with our continued recovery as demand has generally rounded solidly across both our leisure and corporate travel businesses,” FCTG Managing Director Graham Turner said.

Looking forward, the company predicts that leisure demand will remain strong as travellers continue to prioritise holidays over other discretionary spending categories, while results for the group’s corporate travel businesses are expected to be bolstered by a large volume of new accounts.

FCTG will release audited FY23 accounts on Wednesday 30 August.

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