Gross revenues at Dublin-based travel firm, the Flight Centre Travel Group, last year increased six-fold to €26.38m as the business recovered from Covid-19 air travel restrictions.

Recently filed accounts show that despite revenues rebounding, Flight Centre Travel Group (Ireland) Ltd recorded a pre-tax loss of €672,446 in the 12 months to the end of June 2022.

The accounts show that the firm’s Total Transaction Value (TTV) income increased by 517pc from €4.27m to €26.38m. The company’s net revenues increased by a more modest 25pc rising from €2.4m to €3m.

The directors state that the “company was back at pre-Covid levels of turnover for the month of June 2022 and we expect this recovery rate to continue for the financial year ending June 2023”.

The pre-tax loss for last year takes account of net finance costs of €75,941 and non-cash depreciation and amortisation costs of €432,351. Other expenses doubled from €511,435 to €1.23m.

The Australian-headquartered business introduced a targeted programme, Global Recovery Rights (GRR), “to encourage our people to continue their careers with the group during the recovery phase and to thank them for their efforts in very trying conditions”.

All eligible employees were granted share rights for the parent company, Flight Centre Travel Group and the amount paid out in 2022 was €53,183.

The share-based payment payout contributed to staff costs increasing from €1.65m to €1.89m as numbers employed increased from 33 to 38.