FCM strengthens financial position in response to covid-19

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 AUD $900 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 in response to the covid-19 pandemic. This will enable FCM Travel Solutions to increase its focus on key investments and to support all customers even during prolonged challenging business travel trading conditions. The move also allows the global TMC to execute its long-term strategy, expand its capabilities and service a significant number of new clients. The additional funding means the group’s total liquidity position now amounts to over AUD $2.3 billion.