2003

Flight Centre Limited continues growth record

Thursday, 30 January 2003

Flight Centre Limited’s record of growth has continued in the first half of the 2002-2003 fiscal year, with the company achieving improved financial results. The company said today that growth in revenue and profit before tax for the six months to December 31 was expected to be significantly higher than in the corresponding half in 2001-2002. In addition, retail shop numbers had reached 972 in seven countries at December 31, 2002, a 30% increase during the 2002 calendar year. Flight Centre Limited chairman Norman Fussell said while audited accounts would not be available until February 27 preliminary indications for the half-year showed a revenue increase of 35%. Mr Fussell said profit before tax for the period was expected to be 45% higher than in the corresponding half. "During this second three-month period from October 1 to December 31, we have recorded a revenue increase of 38% on the corresponding quarter in 2001-2002. Profit before tax for the second quarter is expected to show a 35% increase." Mr Fussell said in-depth comment on trading conditions would be made at the release of Flight Centre Limited’s audited half year results. He said with the current uncertainties in world markets, many customers remained undecided on their travel plans. That uncertainty meant it was not practical to make any predictions in relation to likely trading results in the second half of the fiscal year. Flight Centre Limited managing director Graham Turner said results in the corresponding half of 2001-2002 were adversely affected by the events of September 11. He said the company's achievements in the first six months of 2002-2003 were, however, encouraging. "Challenges have also arisen in the first half of this fiscal year, but we have achieved pleasing growth during the period," Mr Turner said. "Our growth in shop numbers means we are now within reach of a significant milestone early in the third quarter, the opening of our 1000th retail store."