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Highlights
- Flight Centre’s shares were trading in the green today (2 November 2022).
- The company reported a total traded value of AU$10.3 billion during FY22.
- The Australian travel business made a profit of AU$10 million from its leisure division in Q4 FY22.
Shares of Flight Centre Travel Group Limited (ASX:FLT) were trading on a positive note on ASX in the afternoon trade despite any price-sensitive update from the company. The Australian travel retailer’s share price gained 0.354% and was trading at AU$16.980 at 12:27 PM AEDT, 2 November 2022.
Flight Centre’s shares price has increased by 21.52% in the past month, alongside a gain of 4.62% in the last five days. In addition, Flight Centre's shares have decreased by 8.70% and 15.25%, respectively, year-to-date (YTD) and in the past year (as of 12:27 PM AEDT).
What’s been happening at Flight Centre?
The Australian travel business shared insights from the Bell Potter Emerging Leaders Conference on 6 September 2022. In this presentation, the company shed light on its FY22 results.
Flight Centre group reported a total traded value (TTV) of AU$10.3 billion in FY22, which was 162% stronger than the last year’s TTV. The company’s revenue, on the other hand, totalled AU$1 billion, 154% up from the FY21 revenue of AU$396 million.
However, the company’s underlying EBITDA dropped to AU$183.1 million in FY22 from AU$337.8 million in FY21, and statutory profit before tax decreased from AU$601.7 million to AU$377.8 million. Lastly, the underlying profit before tax of Flight Centre was AU$360.9 million, 29% down from AU$507.1 million in FY21.
Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 25 August 2022
Flight Centre’s total traded value saw an increase in Q4 FY22, leading to a gain of AU$35 million underlying profit and a strong start to the new fiscal year. The driving force behind this profitable finish to FY22 was the rapid growth in sales as governments revoked international and domestic travel restrictions post-COVID.
Apart from Asia and FLT's "Other" section, all business segments and geographical areas generated profit in the fourth quarter, while the global corporate and Europe, Middle East, and Africa (EMEA) businesses were profitable overall.
The second half of FY22 saw recovery for the company’s international leisure division, which resulted in a profit of about AU$10 million in the last quarter.
