Flight Centre tipped to takeover Ignite Travel

Flight Centre is poised to spend almost $30 million taking over Gold Coast-based Ignite Travel as it continues its push into ready-made travel packages, according to a report by the Australian Financial Review.

Flight Centre first acquired a 49 per cent stake in Ignite for $9.8 million in September 2016.

Speaking to AFR Weekend, Flight Centre chief executive Graham Turner said the packaged product is “growing quite rapidly”.

Ignite saw revenue of $192 million last financial year, up from $128 million. It posted a profit of $739,000 in 2019 and forecasts a “significantly improved profit across all divisions” in 2020.