Flight Centre announces FY20 results
Posted on: 28 August 2020

Flight Centre Travel Group (FLT) today released it’s full FY20 results.

Although significant losses were recorded as a result of COVID-19, Australia’s leading travel business has made significant inroads into reducing its cost base to create a long-term liquidity runway to ensure sustainability.

The company will continue to work towards extending this runway in the near-term by increasing revenue through the sale of domestic holidays and experiences, including New Zealand as travel restrictions are lifted or relaxed; and by targeting further cost reductions in its leisure travel businesses.

Extending the runway will allow the company to continue to trade, bringing extraordinary travel offers to Australians as it has for around 40 years, and to prepare for the inevitable rebound that will come when restrictions are lifted and consumer confidence recovers.

Graham Turner, Flight Centre’s Global Managing Director confirmed that COVID 19 has created the most challenging trading environment that the company has experienced in almost 40 years in business.

“We were forced to make some very tough decisions as this crisis unfolded, but we were very fortunate to be able to draw on our strong balance sheet. We also moved quickly to develop a longer cash and liquidity runway and to lower costs in anticipation of a zero or very low revenue environment for an extended period of time.

“Revenue has, to date, exceeded our initial expectations and has been increasing – although the heightened border restrictions in Australia and New Zealand may slow growth this month,” Mr Turner said.

Please click here to view the full FY20 financial results.