Flight Centre can weather any storms: chairman

Growing up: Flight Centre

With Flight Centre on track to achieving its 2012 targets of AU$315 million (profit before tax), company chairman Peter Morahan says the firm is well positioned to “weather any storms”.

At the group’s Annual General Meeting held this week, the company said it was likely to meet its profit targets for the financial year 2012/13, with first quarter and October projections in line with targets.

Mr Morahan said that while some market conditions remained “volatile”, the agency group was well placed with a “diverse stable brand” that could “shield it from the impacts of a downturn in any one travel sector”.

“FLT is one of the few travel companies that has large leisure and corporate travel businesses, as well as a significant presence in the Australian domestic and outbound sectors,” he stated.

According to Mr Morahan, Flight Centre also had the “rarity” of a strong balance sheet, which would allow the company to capitalise on opportunities, and a plan designed to “enhance operations and grow the business”.

“Looking ahead 2012/13, FLT will target further sales network, TTV and profit growth,” he remarked.

Commenting on business growth, Mr Morahan said the company’s net profit after tax jumped to $200 million for the first time last year, five years after the company had achieved its first $100 million profit and ten years after the first $50 million profit.

Source = e-Travel Blackboard: N.J
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