Flight Centre is reporting record transaction values in a highly successful first quarter of operations.
Company officials say Flight Centre had $6 billion in Total Transaction Value (TTV) in its first fiscal quarter for fiscal 2024; up more than $800 million CAD. That’s an increase of about 20% from the same period last year, and it represents Flight Centre’s second strongest start to a fiscal year ever.
“We've experienced unprecedented success in the first quarter (July-Sept 2023), of Fiscal Year ‘24 at the Flight Centre Travel Group, with an incredible increase in profits compared to the same period last year,” said Chris Lynes, Managing Director of Canada, Flight Centre Travel Group. “This growth is undeniable proof of our resilience, vision, and dominant position within the Canadian corporate travel sector, particularly among startups and mid-sized enterprises (SMEs).
It's not a surprise, Lynes said.
“Canada's vibrant and dynamic business ecosystem consistently ranks among the world's best markets for SMEs, a fact that has contributed to our soaring profits. And with new data from Morgan Stanley confirming the continued growth of the corporate travel sector, we have every reason to be confident in our future in Canada.”
Lynes said Toronto, Vancouver, and Calgary remain the top destinations for domestic corporate travellers, while international travel has seen an uptick in popularity for U.S. destinations like Las Vegas, Chicago, and New York City.
“Indeed, our nation’s business borders are growing ever wider. We're off to an impressive start this first quarter of FY24, and the outlook for the remainder of the financial year is even more promising.”
