Chart - Flight Centre Feb 26 2013 188 x 129

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Don’t you wish you’d bought Flight Centre shares in, say, early 2009 when they were trading well below eight bucks?

Today they’re north of $31 as the travel agency giant – poised to open its 2500th shop/business – announced a record first half  result: $91.8m net profit after tax, up 13% with record pre-tax earnings from its operations in Australia,  UK, Greater China and Singapore. Key points include: turnover up 23% and on track to deliver $5m earning before tax for 12/13 financial year.

  • Share price at record highs
  • Corporate brands turned over more than $1bn in first half for the first
  • Cheap international airfares stimulating leisure demand
  • Combined turnover of leisure brands has increased 70% since end of 2009
  • Cruiseabout’s turnover has more than tripled during this period
  • Gaining UK market share in contracting market (UK main profit driver outside Australia)
  • US business remains an issue, losses higher than last year
  • Profits down in South Africa, Dubai and Canada
  • Before tax earnings more than doubled in New Zealand
  • Singapore leisure business now profitable
  • New mobile sites were launched for Flight Centre and quickbeds

Looking ahead, Flight Centre said maintaining “10% profit before tax will become more challenging” but the company is well placed to deliver good growth over the previous financial year.

NB: the share price took a minor hit, down a dollar or so to just over $31, after this result was announced today.

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