Flight Centre Corporate Posts Record Growth in First Half of FY23, Outpacing Broader Industry.

Flight Centre Corporate, a division of Flight Centre Travel Group, has posted record results in the first half of FY23, outpacing the broader industry in terms of the total transaction value (TTV). The global corporate business saw a growth of almost 150% on the FY22 1H result, indicating the rebound of the travel industry and the importance clients are placing on travel as a critical driver for economic success.

According to Chris Galanty, Global CEO of Flight Centre Corporate, the winning growth strategy was a combination of COVID-period investments in new FCM and Corporate Traveller platforms, compelling customer offerings, and improved distribution capabilities through the TP Connects platform. Additionally, the company prioritized recruitment, training, and development of its employees to help clients navigate and minimize friction in a more complex travel environment.

Melissa Elf, ANZ Managing Director, Flight Centre Corporate, added that the corporate business is on track to deliver a record FY23 TTV, gaining market share through high customer retention rates and a large volume of new account wins. The global ‘Grow to Win’ strategy is in full swing in Australia and New Zealand, and the onboarding of new accounts won is set to further boost performance in the second half of the year.

The reopening of Chinese borders and the comeback of meetings, conferences, and events are two positive trends on the horizon for the second half of the financial year. The resurgence of face-to-face meetings has led to a 75% drop in interest in virtual and hybrid conferences in 2022. The growth in the sporting, TV, movie, arts, culture and music industries managed by the specialist Stage and Screen division also provides reasons to be positive about the outlook of corporate travel for the second half of the financial year across Tasman.

While there may be further challenges ahead, Flight Centre Corporate’s ability to flex and adapt means the corporate business is well-positioned to benefit and keep pace in the year ahead.

Conclusion:

The travel industry is showing signs of a strong recovery, and Flight Centre Corporate’s record results in the first half of FY23 are a testament to the importance of travel in driving economic success. The winning growth strategy, which combines investments in technology and employee development, has given Flight Centre Corporate a distinct competitive advantage, enabling the company to retain, win, and implement a larger volume of business. With positive trends on the horizon and the ability to flex and adapt to challenges, Flight Centre Corporate is poised for continued success in the corporate travel market.

Written by: Jason Smith

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