Flight Centre: Interim result 2016

This travel retailer is one of those ‘stronger in the second half’ businesses. It’s a risk but one we’re prepared to live with.

Flight Centre continues to confound – in a good way. Many thought the internet would kill the company and yet half-yearly total transaction value (TTV) has risen 49% to $9.2bn over the past five years.

Others, us included, thought that the lower Australian dollar might smash revenues as international holidays became more expensive, and yet Australian departures to the United States hit 981,000 in 2015, up 31% over the same five-year period.

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