Flightcentre scams exposed, page-52

The REAL reason for the SP decline. Numbers !
The rest is folly. But keep screaming into the dark if you must.

"Ord Minnett thinks investors in Flight Centre shouldn't take fright at the sub-par performance of its Australian business. The 11% ebitda miss versus its estimate was mainly driven by the delayed effect of lower agent numbers from 1H. "During this period the company redirected all training staff to focus on Sabre integration versus new agents," the bull says. "At the same time, the company elected to reduce the number of retail brands from six to three during the period with indicative costs in the A$5 million-A$10 million range." While these initiatives may put a dent in earnings in the first half of FY19, their effect is likely to be transitory, Ord Minnett says."