Flight Centre (FLT) activity drops 90%+
Flight Centre (FLT) -6.27%: provided an update to the market of activity seen in the midst of the collapse in travel. According to the company, it is running at just 5-10% of ‘normal’ levels in April in a sign that people are still keen to travel despite the problems raised by CV-19. Flight Centre also talked up a few contracts wins for the corporate travel business though limited volume will be seen until restrictions are lifted. They have been working on cutting costs with 40% of local shops closed among a number of measure that have reduced costs by more than 70% while the JobKeeper subsidy and a government backed loan in Europe is helping keep the balance sheet supported. Not one for us here though there will be a time to buy. Travel will be one of the last areas of the global economy to recover, and may never return to the levels seen pre-virus.
Flight Centre (FLT) Chart
