Flight Centre

Flight Centre recently updated its profit guidance for the financial year just ended, with an expected profit before tax of $285m-$290m. That’s the upper end of the $270m-$290m range most recently reaffirmed on 5 Jun 12 (Hold – $17.50) and up 16-18% on last year’s result. We estimate underlying earnings per share for 2011/12 will have just eclipsed $2.00. The press release headline—‘Strong UK and US results help drive Flight Centre to record profit’—and body seemed crafted to allay concerns about the company’s reliance on a buoyant Australian outbound tourism market, concerns we’ve voiced on numerous occasions in this...

Flight Centre recently updated its profit guidance for the financial year just ended, with an expected profit before tax of $285m-$290m. That’s the upper end of the $270m-$290m range most recently reaffirmed on 5 Jun 12 (Hold – $17.50) and up 16-18% on last year’s result. We estimate underlying earnings per share for 2011/12 will have just eclipsed $2.00.

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