BRISBANE – Flight Centre has released an impressive set of half-year accounts.
Pre-tax profit at $73.6 million was up 115 percent on the 2008-2009 figure. Net profit after tax was above-expectations $51.1 million
The company said the travel market was stabilizing after turbulence last year but there was “minimal recovery so far†in some destinations.
Australia had rebounded strongly and was driving overall profit growth, the company said.
Managing director Graham Turner said conditions had stabilized in most markets after the turbulence that affected results from late in the second quarter last year.
“Leisure results have been good, particularly in Australia, where cheap fares have stimulated demand and consumer confidence appears to have rebounded fastest.
“Profit has increased significantly in comparison to last year, both in our shops and in our online businesses.â€
Looking ahead, Turner saw continued growth and improvement opportunities, particularly in corporate and wholesale travel and in niche leisure market areas.
“Within our flagship Flight Centre leisure brand, we see real opportunities to boost international and domestic airfare sales in our shops by dispelling the myth that online fares are cheaper,†he added.
