Flight Centre Travel Group Ltd Expanding footprint

Expanding footprint: Flight Centre Travel Group Ltd (ASX: FLT) stepped ahead for diversifying its India business and had agreed to acquire the business assets of the Bengaluru Travel Tours Group (TTG), which is a leading local travel group. In FY 16, FLT had posted total transaction value (TTV) of $150 million from its 18 locations. The TTV from FLT’s established businesses in India during FY16 had reached $AU 419 million, and about 70% was coming from the large FCM corporate business. The remaining came from FLT’s emerging MICE and FX operations, and from a small network of leisure travel shops. Based on FY16 results, the combined India business would have surpassed South Africa to become FLT’s sixth largest country by sales behind Australia, the USA, the UK, Canada and New Zealand. Additionally, FLT is continuing to expand in Europe and has secured a presence in five key countries Sweden, Denmark, Norway, Finland and Germany through the agreement to acquire corporate businesses owned by European online travel agency eDreams ODIGEO. The group in December 2016 announced about completing the acquisition of respective corporate travel businesses in Europe and agreement to buy the businesses is expected to turn over about 110 million Euros during 2017 financial year. FLT has acquired a minority interest (49%) in the Gold Coast-based Ignite Travel Group to further diversify its Australian sales network.       


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