The Flight Centre Travel Group, whose business travel brands include FCM and Corporate Traveller, has reported AU$320 million in underlying profit before tax (PBT) in its annual results posted on Wednesday, marking a 131 per cent increase on the AU$139 million reported last year.

Group revenue for FY24 was AU$2.71 billion, up from AU$2.28 billion in FY23, while actual profit before income tax was AU$220 million.

Covering the 12 months to 30 June 2024, the Brisbane-based group¡¯s corporate travel arm is now ¡°a materially larger business than pre-Covid¡±, reporting a 44 per cent increase in underlying PBT to AU$211 million, with Corporate Traveller contributing a ¡®record¡¯ result.

Total transaction value (TTV) for the group overall reached a record AU$23.74 billion, slightly above the FY19 result of AU$23.7 billion and a year-on-year increase of approximately AU$1.8 billion.

The group¡¯s AU$12.1 billion corporate travel TTV was up 10 per cent year on year, marking a new record that represents an almost 35 per cent increase on FY19.

Steve Norris, EMEA managing director at Flight Centre Travel Group, said corporate travel ¡°continues to be seen as a non-discretionary spend for businesses and remains a crucial facet for companies that want to survive and thrive."

Norris added that the group achieved a record profit in the UK in FY24, largely driven by corporate business, while South Africa and the UAE also saw ¡°their best year ever¡±.

FCM Travel, which focuses on large multinational and enterprise-level accounts, reported a 10 per cent year-on-year increase in transaction volumes, while the SME-focused Corporate Traveller delivered ¡°a record profit globally, alongside winning managed and unmanaged SME and start-up accounts,¡± said Chris Galanty, global corporate CEO at Flight Centre Travel Group.

In financial results announced on the Australian Stock Exchange, the group attributed the success of its corporate arm to its ¡®Grow to Win¡¯ strategy, which has ¡°delivered organic market share growth through large volumes of account wins and high customer retention¡±.

Corporate accounts with an estimated annual spend of AU$2 billion were secured during FY24, according to the ASX announcement. The group also reported stronger growth in the SME segment in FY24 when compared to previous years when the business secured more ¡°high-volume, lower margin¡± enterprise-level accounts.

Following a new regional structure implemented in the US, the group said SME sector wins in the country ¡°almost doubled¡± in the second half of FY24 compared to the previous six months.

¡°Our blend of exceptional people and innovative technology continues to set us apart with both dedicated travel consultants and managers joining forces with the mass adoption of Corporate Traveller¡¯s Melon online booking tool in the Northern Hemisphere and FCM Platform globally,¡± Galanty said.

¡°We¡¯ve also spent a lot of time understanding the pain points of our customers and we¡¯ve made significant investments to solve these problems ¨C this has since allowed us to generate new revenue streams ¨C meaning that we ultimately stay ahead of the curve.¡±