Australia’s biggest retail groups Flight Centre and Helloworld both released their half-year results today and the difference could not have been more stark.
FLT recorded a net profit of $116.7m, up 16%, while Helloworld’s losses for the period more than doubled to -$1.7m after tax.
Yet new Helloworld CEO Andrew Burnes, who took the reins after his inbound company AOT Group recently merged with HLO, was upbeat.
“This is an exciting period for Helloworld and one which will see the Company continue to evolve, grow and generate returns for our shareholders, for our agents and for our stakeholders,” Mr Burnes said.
“Post-merger, Helloworld is a company with a very strong business at the heart of the Group.”
Flight Graham Turner was more circumspect.
“Overall, we have started the year reasonably, given the conditions and the investments we have made.”
Its result included an $11m refund from the Australian Competition and Consumer Commission following a successful appeal by FLT against an anti-competition decision.