News: Flight Centre lowers FY profit expectations

.

Flight Centre Travel Group Limited (ASX:FLT) expects its annual profit to come it at the lower end of its guidance range. 

 

The travel agent has attributed the forecast to disappointing leisure travel results in Canada and a tougher trading environment for the Australian leisure business. 

 

Nevertheless, Flight Centre expects to book a record underlying profit before tax between $370 million to $380 million in fiscal 2014.

 

The result represents between 8–11 per cent growth from fiscal 2013 and has been driven by Australia, the UK and US which are on track to achieve record full year results.  

 

Flight Centre will release its full year accounts in August and also include an $11 million penalty to the Australian Competition and Consumer Commission (ACCC), a one-off gain from systems improvements and a goodwill impairment. 

 

Flight Centre Travel Group lifted its net profit to almost $111 million in the first half of the 2014 financial year.