Once ghost towns of the travel world, Flight Centre says FX stores are profitable again. It’s even a surprise for the travel giant.
Travel is recovering slightly faster than expected but a surprise rebound has occurred in currency exchange shops,The Brisbane-based travel agency giant on Monday said its losses should be smaller than initially forecast, with underlying full-year losses before interest, tax, depreciation and amortisation now forecast at between $180 million and $190 million.It had previously estimated a loss of between $195 million and $225 million.
Chief executive Graham Turner said Flight Centre broke even on an EBITDA basis in the past six months.The Australian Financial ReviewThe upgrade and any further improvement would help alleviate pressure on Flight Centre’s balance sheet and cash burn, said QValue analyst Daniel Seeney. “We opened up half a dozen fairly early on. We were absolutely amazed at the response. So, we’ve just been opening them back up as quickly as we can,” Mr Turner said.
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