FLT -20.44%: Released a very subdued trading update this morning saying that 1Q25 trading was “marginally above 1Q24 across most key metrics”. The issue was the level of growth the market was expecting, with consensus expectations for the 1H25 and FY25 profit before tax (PBT) growth rates of 63% and 39% respectively, coming off a lower base.
There was a bit of confusion that stemmed from the update, but overall, it was clearly very negative, and implies they’ll have a tough time meeting both their 1H & FY24 numbers. The weakness flowed over to others in the travel space with Corporate Travel (CTD) also hit 9.5%, and rightly so, evidence was that FLT had been taking share from CTD in corporate, yet they said that corporate had been flat on last year.
MM is neutral/negative FLT
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