Flight Centre ahead of expectations
BRISBANE – Flight Centre has achieved a pre-tax trading profit in theorder of $34million during the first quarter of 2009/10.
Managing director Graham Turner told shareholders at the company’s annual meeting today that FLT had performed ahead of expectations during the three months to September 30 in more stable trading conditions.
“Although early days, we have seen an increase in volumes, or tickets issued, as consumer confidence seems to be improving,†Turner said.
“In some countries, ticket numbers are up on the first quarters of 2007/08 and 2008/09, both of which were record periods.
“The challenge is that yields – average prices – remain significantly down on last year. Yields do appear to have bottomed, however, following the significant supplier discounting we saw last year.â€
Turner said FLT was trading ahead of expectations, and the company’s previous full year profit guidance of a $125million to $135million pre-tax result remains in place.
“Given the volatility the industry has experienced in recent years, it would be premature to amend our outlook at this early stage,†Turner added.
Other first quarter Flight Centre highlights included:
− Profit in all regions, excluding North America and parts of Asia;
− Good results in Australia, where recovery has, to date, been faster than in other markets;
– Good volumes and reasonable profits in a challenging UK trading climate;
– Profit and some encouraging signs in New Zealand, including strong customer enquiry, good Discover Europe travel expo sales and improving corporate results;
– Reduced profit in South Africa, but with recent signs of improvement and,
– Losses from the Asia-Middle East corporate businesses
Ian Jarrett
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