Flight Centre founder and managing director Graham Turner at an inner-city Flight Centre travel agency in Brisbane. Picture: Lyndon Mechielsen Source: The Australian
THOUGHT travel agents were a thing of the past thanks to the internet? Flight Centre seem to be bucking the trend.
The company has upgraded its full year profit forecast and is looking to record earnings from holidaymakers in Australia and the United Kingdom.
The travel company now expects its full year underlying profit before tax to be between $325 million and $340 million, compared with the $305 million to $315 million it previously forecast.
If the current guidance is achieved it will represent a 12 to 17 per cent growth on the record $290.4 million profit it achieved in 2011/12.
Managing director Graham Turner said Flight Centre had made 8 per cent profit in the first half and had started the second half strongly especially in Australian and UK non-business travel. ``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.''
In Australia the leisure business rebounded during the second half which offset a slightly weaker domestic corporate travel market.
Similarly in 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.
Flight Centre shares were up 3c at $38.20 yesterday.
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