Flight Centre has taken its first step into Continental Europe by acquiring Business Travel Development, a small privately-owned corporate travel agency in the Netherlands.
The Australian travel agency’s shares jumped 3% to $45.19 on the news.
The deal is the company’s third new country this fiscal year, following acquisitions in Mexico and Malaysia, and is its first move into Europe. It has been in the UK since 1995 and Ireland since 2014.
Co-founder and managing director Graham Turner says having a company-owned presence in the Netherlands gives a platform for further growth in Europe.
The purchase prices hasn’t been revealed, but Business Travel Development turned over EURO 10.3 million in the 2015 financial year.
In its latest half year results, youth touring and round-the-world flights helped the Flight Centre post a 16.3% rise in half year profit to $116.68 million on a 15.1% jump in revenue to $1.269 billion.
Flight Centre is now in 14 countries: Australia, New Zealand, the UK, Ireland, the Netherlands. the United States, Canada, Mexico, South Africa, Singapore, Malaysia, India, Greater China and the United Arab Emirates.
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