Flight Centre shares rose another 10% yesterday to $49.10 – the highest in three years – despite posting a profit before tax ( $325 million) that was -5.7% down on last financial year. The shares have risen from just $28.53 in late March. So why the surge?
It has to be the future, one in which Flight Centre founder Graham Turner foresees 7% annual growth in turnover and a return to 2% net margins thanks to stronger returns from the existing network. See results announcement.