Let’s see how the ASX 200 share has travelled since reporting its FY21 results.
The post How has the Flight Centre (ASX:FLT) share price performed since reporting results? appeared first on The Motley Fool Australia. –
The Flight Centre Travel Group Ltd (ASX: FLT) share price has finished the day down 2.5%.
But Flight Centre’s share price wasn’t the only one in retreat. The S&P/ASX 200 Index (ASX: XJO) also finished the day 2.1% lower.
It’s now been a bit over 3 weeks since the travel agency released its full 2021 financial year results (FY21).
With investors’ hopes of a looming travel sector reopening despite the resurgent pandemic, we look at a brief review of those results and how the company has been performing since reporting.
What results did the ASX 200 travel share report for FY21?
Flight Centre reported its FY21 results before market open on 26 August.
Some of the core figures it released included a 79% year-on-year decline in total revenue, down to $396 million.
Underlying loss before tax came in at $507 million, largely in line with underlying losses reported in FY20.
The company ended the financial year with a strong balance sheet, reporting a cash balance of $1.36 billion as at 30 June.
Flight Centre did not pay an interim or final dividend during the financial year.
Commenting on the results and the company’s resilience, Flight Centre’s CEO Graham Turner said:
Our priorities have evolved from emergency cost cutting at the beginning of the crisis to maintaining those significantly reduced expenses, while still developing and implementing our technology, improving productivity and finetuning our recovery strategies to drive stronger future returns.
How has the Flight Centre share price performed since reporting results?
Investors appear to have already priced in the company’s COVID-related revenue hit. With management stating they were looking ahead to potentially profitable operations in FY22, the Flight Centre share price finished its reporting day up 4.0%.
Since market open on 26 August, Flight Centre shares are up 10%. By comparison, the ASX 200 is down 4% over that same time.
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.