FLT profits exceeding expectations: Turner

Flight Centre’s profits and sales are above expectations, according to managing director Graham Turner, with the Group’s pre-tax profit sitting at 25-30 percent higher for the first quarter and October compared to the corresponding period last year.

The agent’s Group recorded a $245.2 million underlying profit pre-tax profit during 2010/11, a number which “easily surpasses its previous full year record”.

Speaking at the Group’s Annual General Meeting today, the head said the company was performing well in Australia, the UK as well as seeing strong growth in its emerging Asia and Middle Eastern business.

While Flight Centre’s US operations saw a “modest” EBIT loss for the first four months this year.

“It is, of course, early days and it is premature to assume that this trend (of 25-30 percent growth) will continue,” Mr Turner explained.

“In fact, our experience during the past 30 years give us reasons to remain cautious.

“At this stage, we remain comfortable with our full year market guidance.”

Overall the company is expecting an EBIT result of up to $5 million.

Click on e-Travel Blackboard tomorrow for more on Flight Centre.
Source = e-Travel Blackboard: N.J
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