We wanted to share with you the news that Corporate Traveler’s parent company, Flight Centre Travel Group (FCTG), has secured AUD $900 million in additional funding (through a capital raising and new debt facilities) to further strengthen its balance sheet and liquidity position and prepare for further growth once the prevailing business climate improves. With the additional funding, our group total liquidity position now amounts to above AUD $2.3 billion.
As you well know, we are dealing with unprecedented times and never-before-seen circumstances that are impacting businesses everywhere and the travel and tourism industry as a whole.
At this challenging time, we want to reinforce the message that we are here to support you and that all our customers can trust us and count on us, both in these difficult times and beyond.
Our financial strength is a key element of this trust and the additional funding will allow Corporate Traveler to continue with its long-term strategy and to expand its capabilities to service a significant amount of new customers.
Despite the current trading climate, we continue to see strong customer activity in both sales and implementation activity. Most importantly, we have not lost any customers. For this, I sincerely thank you for your trust in us.
We appreciate that travel activity will stop for many customers during this period of uncertainty, but we are ready to help you return to normal when the current trading climate improves. Whilst we have taken steps to reduce costs in the short-term, including the very difficult decision to temporarily reduce our workforce, we are very confident these actions are temporary and we will be ready to accelerate our growth once activity returns.
Our customers have always been at the center of our business. Today’s announcement is an important step forward at this challenging time and I trust it provides you and all of our wonderful customers with confidence and peace of mind for the future.
I thank you for your support during these difficult times and hope you and your close ones are safe and well. Our people are working around the clock to ensure we will always be there when you need support.
President, Corporate Traveler USA