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Flight Centre increases its pretax profit expectation to a minimum of $200m

Home » EyeforTravel News » Travel Agents » Flight Centre increases its pretax profit expectation to a minimum of $200m

Published: 26 Feb 2008

Flight Centre Limited (FLT) has increased its pretax profit expectation for the full year to a minimum of $200million, following a strong start to 2007/08.

The company also announced record results for the first half of the 2007/08 financial year. Sharing its results for the six months to December 31 2007, FLT stated that it posted 75.5% pretax profit growth to $92.9million (excluding the one-off $22.4million gain in 2006); 76.9% after-tax profit growth to $62.6million (excluding 2006 one-off); 17.6% total transaction growth to $4.8billion and; 25.1% revenue growth to $642.9million.

FLT chief financial officer Shannon O'Brien said the company had performed strongly in most geographies, in comparison to what was a relatively disappointing previous corresponding period.

O'Brien said operational highlights included:

· Healthy global sales growth in FLT's established businesses

· The transformation of FLT into one of the USA's largest travel groups following the $US135 Liberty acquisition, a deal that was completed at an opportune time and at an attractive price

· Improved leisure travel results in all geographies

· Continued corporate travel growth, with the FCm network now represented in some 60 countries and generating healthy profits for FLT

"The first half of 2007/08 was a significant period for FLT, with the company achieving record financial results, while continuing to build for the future by investing in the key areas of its business," he said.

"Sales growth has been pleasing globally and the company has had some success in curbing costs, although this will continue to be both a challenge and a priority," he said. ""Importantly, FLT has also continued to broaden its base by opening new shops in all countries, taking advantage of strategic acquisition opportunities, moving into new areas of business and expanding into new geographies.

The company has become increasingly diverse in terms of both branding and geography and, with the addition of Liberty, is likely to generate about half of its TTV from offshore for the first time from next year."

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