Flight Centre $91.8m Profit 1H2013

Travel Agency Company Flight Centre (ASX:FLT) have announced its half year financial results for 2013 to its shareholders and investors on the Australian stockmarket.

• Flight Centre announced a $91.8 million profit for the half year, up 6.7 percent on $81.6 million in the prior corresponding period.
• FLT Revenue was up revenue lifted 6.9 per cent year-on-year, to $1.01 billion, from $954 million.
• Flight Centre managing director Graham Turner said, "While Flight Centre is currently ahead of its full year growth target, maintaining 10 per cent profit before tax growth will become more challenging as the year progresses and as the company tracks against its largest profit months. Flight Centre is, however, well-placed to build on the foundations that are in place."
• FLT MD Turner said, "Australia and the UK are now entrenched as the company’s largest and second largest profit generators and again delivered record [earnings before interest, taxes, depreciation, and amortisation] in challenging trading conditions to underpin overall growth. Our Singapore and Greater China businesses also contributed record first half EBIT, which helped comfortably surpass the profit milestone that was established last year. In addition, a first half sales record was established. While some leisure businesses grew strongly, including Australia’s niche brands, corporate growth was generally stronger."
• Flight Centre's online website, flightcentre.com.au had sales up 23 percent to $5 million EBIT.
• Flight Centre plans to open its 2,500th outlet in the fourth quarter of 2013.
• Superstorm Sandy affected results for its US business with $5.7 million in losses.
• FLT MD Turner said, "The overall move from economy to business, particularly in leisure, is going to be a positive move for us and the travel industry, as well as airlines generally.
  As well as people moving more into premium fares, I think that the fares will tend to move up. ... I think there will be some inflation of fares generally and I think that the move to more premium fares will help our growth."
• Flight Centre said it will consider "strategic acquisition opportunities" but will focus on "organic growth".
• FLT target earnings between $305 million and $315 million for the full year.
• Flight Centre has declared an interim dividend of 46 cents per share fully-franked.