Flight Centre: Result 2013

The travel company's profits have been on a tear – just like its share price. Despite an excellent result, we're close to a downgrade.

In Flight Centre: please remain seated on 1 May 13 (Hold – $38.10), we voiced our concern that earnings might be peaking at the $2.21 then expected for 2013, based on the top end of management guidance for profit before tax of between $305m and $315m.

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