MTG TTV up $42 million
DESPITE challenges facing the travel industry in the past year such as terrorism in Europe and the UK, as well as deflation in airline prices dropping yield, Magellan Travel Group posted Total Transaction Value of $925m for FY17, up $42m on FY16.
Announcing the result at the 2017 annual conference this morning, md Andrew Macfarlane said MTG reported profit of $8.7 million, down slightly on FY16.
Macfarlane said that costs had increased and this was “owing to planned investments on new resources delivered and deployed on vital areas of the business to support growth.”
Magellan was strengthened over the past 12 months with 10 new members and an extra seven outlets joining the group, “giving us a network of 130 agents around the country,” he said.
With the addition of these new members, Macfarlane said TTV for FY18 would eclipse the $1 billion mark for the first time.
MEANWHILE, Magellan Travel Group co-founder Kevin Dale was lauded at the annual conference in Perth this morning, having stepped down from the board.
Founding Gippsland Travel in 1975, Dale had held various chair positions throughout his career including ATAC, and is the current chairman of Cruiseco.
Macfarlane will take Dale’s place on the board having purchased the founding units & now having “skin in the game,” he declared.