Flight Centre heads for record year
FLIGHT Centre Limited is heading for a record year after upgrading its profit guidance for the 2010/11 financial year.
Based on preliminary results for the 12 months to June 30 2011, FLT expects a trading profit before tax (PBT) between $243million and $247million.
The trading result includes about $4million in one-off donations that were announced early in the second half to help those affected by floods in Queensland and the Christchurch earthquake.
FLT’s anticipated PBT represents 22.5-24.5 percent growth on the $198.5million 2009/10 result.
Managing director Graham Turner said the result would surpass the $201million PBT achieved during 2007/08, which was previously the company’s record year.
“For the first time, we have generated profits in each of the 10 countries where we operate wholly owned businesses,†Turner said.
“This includes the United States, which has achieved its first full year profit in the 12 years that FLT has operated in the country.”
Results have generally improved in both the corporate and leisure travel sectors, with strongest growth recorded in corporate.
In Australia, Turner said the company had not experienced the soft demand that retailers in some other sectors had reported.
“In the current climate, leisure customers are finding compelling reasons to take-off overseas, with international airfares remaining highly affordable and the strong dollar delivering a secondary benefit.”
Ian Jarrett
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