Flight Centre profit edges up, eyes rejig
Flight Centre's full-year profit has edged up 0.1 per cent and the travel agency hopes a rejig of the company's Australian shops will help it bounce back from "disappointing ... soft results".
It reported a net profit of $263.8 million compared with $263.6 million in the previous financial year and said revenue for the 12 months to June 30 increased 4.5 per cent to $3.05 billion.
"The company's overseas businesses have performed strongly during the past few years and, for the first time, generated the majority of the company's profit during FY19," chief executive Graham Turner said in a statement on Thursday.
Flight Centre plans to close up to 30 of its branded outlets across Australia and rebadge another 30 as Travel Associates or Universal Traveller shops.
It also aims to open 20 new Flight Centre shops and shift an additional 30-40 stores "to better sites".
"While market conditions (in Australia) remain subdued, the company has seen some slight signs of improvement recently and margins starting to stabilise," Mr Turner said.
The company said it would release its guidance for the next financial year at its annual general meeting in November.
Flight Centre declared a fully franked final dividend of 98 cents, down from $1.07 in the previous corresponding period.
Its shares were up 9.49 per cent to $48 at 1240 AEST on Thursday.
FLIGHT CENTRE PROFIT STEADY
* Full-year net profit up 0.1pct to $263.8m from $263.6m
* Revenue up 4.5pct to $3.05b
* Final dividend 98 cents down from $1.07, fully franked.
Back to Breaking News
Print this page