Flight Centre profits reach new heights

Flight Centre profits reach new heights
By admin

Flight Centre has upgraded its 2011/12 profit target as it announced record results for the first half, despite “volatile” economic conditions in several of its markets.

The retail chain reported profit before tax for the six month period of $119.7 million, 18% higher than the same period in 2010, its previous best.

Managing director Graham Turner revealed that it would accordingly upgrade its profit target for the full year to growth of between 10% and 18%.

But he stressed that achieving the revised target would be no easy task.

“Reaching our new full year profit target will not be a formality,” he said. “Economic conditions are volatile in some regions and we will need to build on the record second half result achieved last year.”

Meanwhile, the firm’s Total Transaction Value (TTV) climbed 9% on that of 2010/11 to $6.2 billion.

All of its global businesses recorded TTV growth in their local currency, with Turner particularly encouraged by results from the UK and US.

The UK was currently on track for its “best year” despite challenging local trading conditions, he revealed.

US operations also displayed solid growth driven largely by its corporate business, which generated 40% of total first half sales.

“The Liberty leisure and GOGO wholesale businesses also recorded TTV growth in US dollars, thereby reversing the trend of recent years in this market,” he said.

The six month period saw the company increase shop numbers by 6% year on year to 2313 while sales staff climbed 8% to 11,866.

Online was also a major focus for the firm with its online travel brands recording a 26% increase in TTV.

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