- Travel group Flight Centre (FLT) has its best revenue on record since the pandemic began
- The company’s March revenue had a turnover $100 million higher than in February
- This result took gross quarterly total transaction value back above $1 billion for the first time since COVID-19
- The company attributed the rise to increasing interest from the Australian corporate and leisure businesses, as well as the U.S. leisure market
- Notably, Flight Centre is currently expecting further growth in April
- On the market today, Flight Centre is down 4.20 per cent and is trading at $16.21 per share
Flight Centre’s (FLT) revenue in March was its best on record since the pandemic began, with a turnover $100 million higher than February.
The result took gross quarterly total transaction value back above $1 billion for the first time since COVID-19.
The company attributed the rise to increasing interest from the Australian corporate and leisure businesses, as well as the U.S. leisure market.
Notably, Flight Centre is currently expecting further growth in April.
The company lost the JobKeeper wage subsidiary in Australia during the fourth quarter, which was contributing $5 million to $7 million per month. However, this is likely to be recouped if state governments keep boarders open.
At the end of the third quarter, Flight Centre had around $1.1 billion of total liquidity, putting the travel agent in a strong position to get through COVID-19.
Importantly, Flight Centre is expecting its second half underlying losses to be broadly in line with the first-half losses.
The company is also achieving its cost targets, with fixed costs continuing to track at around $70 million per month.
On the market today, Flight Centre is down 4.20 per cent and is trading at $16.21 per share at 12:55 pm AEST.