Flight Centre update profit outlook
In a statement to the Australia Stock Exchange this morning, Flight Centre today updated its profit outlook for the year to June 30 2007.
The statement says that preliminary results for the nine months to March 31 2007 show that FLT’s pre tax profit is ahead of expectation and about 18% up on the previous corresponding period, excluding the abnormal $22.4million gain from the sale of the company’s Adelaide Street headquarters.
It goes on to say that the company continues to monitor its underlying sales performance, with total transaction value increasing 10% within the company’s established businesses.
Overall, TTV increased 12% during the period, thanks to solid contributions from recent acquisitions and Flight Centre Chairman Bruce Brown said while the fourth quarter would be critical to the company’s full year outcome its performance year-to-date pointed to a healthy profit result.
Mr Brown added, “After initially targeting double digit total transaction value and profit growth closer in line with TTV growth, we now hope to maintain our current profit growth pattern for the remainder of the year”.
The updated profit outlook comes as Flight Centre’s Board considers the logistical, operational and financial implications relating to the approach it received from funds advised by Pacific Equity Partners on March 29 2007.
No material terms have been agreed.
The directors will inform shareholders of any material developments.
Report by The Mole
John Alwyn-Jones
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