Flight Centre

As management foreshadowed last year—see Flight Centre: Shops v Internet (Hold – $19.72)—the group achieved impressive growth in the half-year to 31 December 2011. Total Transaction Value (TTV) increased 9% to $6.2bn, leading to an 18% increase in profit before tax, to $120m, and an increased fully franked interim dividend of 41 cents, up 14%. Strength in Australian outbound travel remains the key influence, encouraged by a strong local currency. Australian TTV grew 9% to $3.7bn and represents roughly 60% of company-wide TTV (and more than 75% of pre-tax profit). Of course, shareholders should be happy things are going...

As management foreshadowed last year—see Flight Centre: Shops v Internet (Hold – $19.72)—the group achieved impressive growth in the half-year to 31 December 2011. Total Transaction Value (TTV) increased 9% to $6.2bn, leading to an 18% increase in profit before tax, to $120m, and an increased fully franked interim dividend of 41 cents, up 14%.

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