Today is a big day for ( ) shares. Not because of any outsized share price moves, though investors are bidding the stock up. In early morning trade, shares in the (ASX: XJO) are changing hands for $16.
82 apiece, up 1.1%. Rather the big news for Flight Centre shares today is that the company is hosting its annual general meeting ( ).
Flight Centre also released a trading update with profit guidance. Here's what the company's top brass had to say. Flight Centre chairman Gary Smith opened the meeting by reviewing some key achievements of the 2024 fiscal year (FY 2024).
Among those achievements, Smith said: We delivered record total transaction value (TTV) of $23.74billion. This was just above FY19 and a circa $1.
8billion (or 8%) year-on-year improvement. This new TTV milestone was achieved with a lower number of staff compared to FY19 and a lower cost base. Smith also noted that Flight Centre shares benefited from "a material profit recovery" in FY 2024.
The company reported a 131% underlying profit before tax (PBT) increase to $320 million and a 212% statutory PBT increase to $220 million. And he highlighted the 0.72% increase in the company's underlying profit margin to 1.
35%. "We also finished the year with a very strong balance sheet with more than $1.1billion in cash and investments and materially lower debt levels," Smith added.
On the technology front, Smith said, "We are investing in a host of new technologies, enhancing our customer facing platforms and investing in our.