Retail giant expecting 130% growth on prior year result.
Flight Centre Travel Group has just lodged a revised profit guidance for the 2024 fiscal year, in which it expects Profit Before Tax (PBT) to sit between $316 million and $324 million due to internal restructuring costs.
The company said the forecast result would still be between 1.3% and 1.4% of Total Transaction Value of around $23.7 billion, but would be a slight downgrade from earlier projections of around $340 million, blamed largely on “significant airfare deflation” during the year.
A number of non-recurring trading losses and expenses arising as a result of the closure of two of its international divisions – Discova Central Americas and GoGo – are expected to minimally impact the overall result.
“While market conditions were challenging during FY24, we again delivered solid TTV growth as customers prioritised travel over other areas of discretionary spend,” said Flight Centre Travel Group Managing Director, Graham Turner.
Full and final audited accounts will be released on 28 Aug.
More details in today’s issue of Travel Daily.