2001

Flight Centre Limited on track for growth target

Australia's leading travel retailer, Flight Centre Limited, remains on track to achieve its goal of 20% annual profit growth after a solid performance during the first half of the 2000-2001 fiscal year. The company has recorded a 15% increase in operating profit before tax for the half-year to December 31, when compared to the corresponding period last year. Flight Centre Limited chairman Norm Fussell said the result reflected a reasonable performance by the company, given the economic climate in the first six months of the fiscal year. "There were many factors that had the potential to influence customers' travel patterns, including the GST, the Olympics and the impacts of the falling Australian dollar," he said. "The company has overcome these hurdles and is expected to achieve improved results in the second half, which is traditionally a stronger trading period. "This figure confirms that a 10th consecutive year of more than 20% growth compounded is very achievable for Flight Centre Limited." Flight Centre Limited chief executive officer Graham Turner said the company has also increased its retail presence by 14% during the period, to 647 stores at December 31. Mr Turner said additional first half figures would be revealed on March 1, with the release of audited results and sales statistics. The company now has more than 3200 employees in Australia, New Zealand, the United Kingdom, South Africa, Canada, the United States and Papua New Guinea.