Flight Centre tips lift in travel market
Flight Centre has flagged an improvement in the local travel market as annual net profit edged higher.
Travel group Flight Centre has flagged an improvement in the local travel market for the year ahead as it delivered a slightly higher net profit.
Net profit edged up 0.1 per cent to $263.8 million due to strength in its overseas businesses and corporate travel earnings partly offsetting subdued Australian results.
Managing director Graham Turner admitted Flight Centre was disappointed its $343.1 million underlying profit was below the record 2018 result, but added: “We can be pleased with our achievements in some important areas and with some of the progress towards our longer term goals.
“Our overseas businesses have become strong and consistent performers and, for the first time, generated the majority of our profit during fiscal year 2019.
“We expect this trend to continue, given our success and relatively small share of very large markets overseas.
“The Americas business is now entrenched as a key earnings driver, with expectations of strong growth into the future.”
Revenue for the 12 months to June 30 increased 4.5 per cent to $3.05 billion.
Flight Centre declared a final dividend of 98 cents per share fully-franked, down from $1.07 a year ago.
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