The Flight Centre Rebound Continues, Shares Soar

Flight Centre shares soared 10% today after  the previously downbeat travel retailer forecast a profit before tax of around $330m thanks to unexpectedly good sales since January.

This rise capped a spectacular rebound for the global travel company, which was in the doldrums as recently as late March when its shares dropped to $28.19 following a profit downgrade.

Today those shares soared above $44, almost 60% up in just a few months. Its stock is now trading on a price earnings multiple of 22, like it was an internet company.

Turnover for the year to June 30 will be a record-breaking $20bn.

"Our achievements during the second half reflect a solid recovery after a challenging first half, which saw a combination of internal and external factors affect results," said Managing Director Graham Turner.

He said the standout performers were North America, which is on track for a record profit, and the the United Kingdom.

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