FCM Travel Solutions’ parent company Flight Centre Travel Group (FCTG) has announced a comprehensive package of initiatives to strengthen its balance sheet and liquidity position.
These initiatives mean that FCTG has secured a total A$900 million (US$576.8 million) through a mix of capital raising and new debt facilities. They complement previously announced cost reduction and cash preservation initiatives implemented by FCTG to help overcome the unprecedented travel and trading restrictions imposed by governments.
The additional funding means the group’s total liquidity position now amounts to over A$2.3 billion.
This will enable FCM Travel Solutions to increase its focus on key investments and to support all customers during prolonged challenging business travel trading conditions. The move also allows the TMC to execute its long-term strategy, expand its capabilities and service a significant number of new clients.
The TMC, which has a global presence in over 100 countries, is reporting strong customer activity in both sales and implementation.
Bertrand Saillet, managing director, Asia, FCM Travel Solutions, said in a statement: “The strength of interest from investors reflects the increasing recognition of FCM’s strong fundamentals in the business travel market. With this funding, it will allow us to quicken our pace of recovery, which we have already started to see in mainland China. We anticipate this momentum to continue and are excited to be able to optimise our resources and offer higher value and service to our customers.”
