- Flight Centre Travel Group (FLT) sees a fall in its share price today despite its recovery being “well underway” following the COVID-19 pandemic
- The travel agency recorded an $8 million profit in its earnings before interest, taxes, depreciation and amortisation (EBITDA) in March
- FLT saw its total transaction volume (TTV) pick up to almost three times what it reported this time last year, reaching 59 per cent of pre-COVID levels
- Over the past five months, the company notched an overall EBITDA profit, but is expecting to post a full FY22 underlying EBITDA loss between $195 million to $225 million
- FLT shares dropped 5.86 per cent and were trading at $21.37 each
Flight Centre Travel Group (FLT) has seen a fall in its share price today despite it saying its recovery is “well underway” following the COVID-19 pandemic.
The travel agency is back in the green with an $8 million profit in its earnings before interest, taxes, depreciation and amortisation (EBITDA) in March.
FLT saw its total transaction volume (TTV) pick up to almost three times what it reported this time last year, reaching 59 per cent of pre-COVID levels. Corporate business travel is back to 76 per cent pre-COVID TTV.
But despite the rebound, the group’s revenue margin is tracking below pre-COVID levels.
In March, the company had an operating cash inflow of $2 million.
The travel industry has seen its momentum pick up, with Flight Centre seeing a strong recovery from late January/early February as travel restrictions across the country eased.
Over the past five months, the company reported an overall EBITDA profit, with a continued recovery.
However, Flight Centre is expecting to post a full FY22 underlying EBITDA loss between $195 million to $225 million.
Flight Centre shares have dropped 5.86 per cent and were trading at $21.37 at 12:55 pm AEST.