World leading travel group, Flight Centre Travel Group (ASX: FLT) experienced strong growth in online leisure sales in Australia during Q1 FY20.
Despite facing challenging trading climate, the company’s online leisure sales in the country has doubled during the September Quarter.
Key highlights from the company’s Managing Director Mr. Graham Turner:
- Total Transaction value (TTV) continued to increase solidly across the group during Q1
- Outlined growth in other new and emerging leisure travel models in Australia
- Reaffirmed the company’s plan to release FY20 profit guidance at its AGM on November 7
The collapse of Thomas Cook had a minimal impact on FLT and its customers but the company expected to incur in the order of $7 million in costs associated with its decision to ensure its customers were re-accommodated and not adversely affected by the collapse of Bentours and Tempo Holidays in Australia.
As per Mr. Turner, although TTV was increasing solidly early in the year, the company expects its underlying profit during H1 FY20 to be lower than pcp and is likely to be weighted towards the second half of FY20.
At AEST 12:24 PM, the stock was trading at $41.105, down by 12.913% from its previous close.
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