Lift-off for Flight Centre earnings
Strong growth in its Australian and UK businesses has encouraged Flight Centre to upgrade its full year profit forecast.
Flight Centre now expects its full year underlying profit before tax to be between A$325 million and A$340 million, compared to the $305 million to $315 million it previously forecast.
Last year Flight Centre posted a record pre-tax profit of A$290 million.
Managing director Graham Turner said Flight Centre had made eight per cent profit growth in the first half and had started the second half strongly, especially in Australia and United Kingdom.
“Year-to-date, our 10 countries are profitable and several are on track for record full year earnings before interest and tax contributions,” he said.
“This includes Australia and the United Kingdom, which are typically our largest profit generators.”
Both in Australia and the UK, Flight Centre’s leisure business performed well while corporate clients were spending less.
Its US business had recovered its losses during its seasonally weaker first half and was expected to deliver its third consecutive full year profit.
Should it hit the latest targets, Flight Centre’s earnings will rise by between 12% and 17% on those achieved in the 2011-12 financial year.
The UK was on track to deliver pre-tax earnings of more than £20 million (A$30m), a rise of more than 30% on the year before.
Ian Jarrett
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