Flight Centre MD says the company is now better placed to “weather any storms”.

Capitalising on the Australian dollar, Flight Centre has announced it will pay off more than half of its debt, with an elected payment of up to US$60 million.  

Representing the bulk of the company’s $107 million debt, the payment will be formally made before the end of this month and paid with company cash.

Reducing Flight Centre’s debt to less than $50 million, the agency group’s managing director, Graham Turner said the decreases leaves Flight Centre with minimal debt and able to fund future growth opportunities and be better placed to “weather any storms”.

Remaining debt includes roughly $30 million in overdrafts and loans in Asia as well as $15 million in funds repayable to staff members involved in the company’s Business Ownership Scheme.