FY21 Result: Revenue of $396m was around 10% below consensus however the pre-tax loss of $500m was inline with expectation. Lots of moving parts here and it’s all about the future which relies on vaccination rates and countries reopening. To that end, CEO Graham Turner said that “When lockdowns have lifted and borders have re-opened – as they have started to do in a more meaningful way outside Australia & NZ, we have typically seen immediate and strong travel recovery”. While they issued no guidance they did say that they have renewed confidence based on a strong Q4. Overall, inline + some more optimistic commentary
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