Shares of Flight Centre Travel Group (ASX: FLT) zoomed 10.4%, after the company updated its 2017 fiscal year (FY17) guidance. FLT expects to achieve an underlying profit before tax (PBT) between $325million and $330million for the 12 months to June 30, 2017, after achieving record full year sales and solid second half profit growth. Total transaction value (TTV) is expected to top $20billion, in line with the company’s expectations and comfortably above the $19.3billion result achieved during the previous corresponding period (PCP), despite significant airfare price deflation in several key markets. Underlying second half PBT is expected to surpass the PCP’s result by 2.5%-4.9%, leading to an underlying full year PBT. The company’s second half profit growth is underpinned by strong results in North America as the USA business on track for a record profit and the Canada business set to record significant year-on-year improvement coupled with better performance in Europe, the Middle East and Africa (EMEA).

 

 

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