Flight Centre Travel Group (FCTG) announced (04-May-2020) the Group continues to progress towards its cost reduction targets. Key details include:
- "Tracking towards" a target of AUD65 million (USD41.5 million) per month cost base, with lower one-off implementation costs than originally expected;
- Total transaction value at 5% to 10% of normal levels in Apr-2020, while travel restrictions are in place;
- Continuing to win new corporate accounts during the shutdown period;
- Recent change to coronavirus cancellation fee policy in Australia and New Zealand leisure businesses to deliver better outcomes for customers;
- The likely sale of its Melbourne head office in the very near future;
- Notwithstanding the policy change, net positive cash impact expected from Melbourne head office sale, lower than expected one-off implementation costs and additional government support initiatives. [more - original PR]