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Flight Centre sales take off

By Phil Boeyen, ShareChat Business News Editor

Friday 4th August 2000

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Aussie listed travel company, Flight Centre, says it will report strong growth in its operating profit when it releases its full year result next month.

The company says sales have increased by approximately 30% to more than $2.3 billion during the year, with the group opening more then 100 new retail outlets worldwide.

Flight Centre chairman, Norm Fussell, says the company has experienced a strong second half, after reporting a 50% increase in operating profit after tax for the first half, and is expecting to report an increase in profit for the full year of about 40%.

He says the company has done very well in Australia, New Zealand, South Africa and Canada, and that UK operations had also performed strongly, with shop numbers increasing from 17 to 30 and sales increasing by 60%.

The company has also been moving into the US, where up to 10 shop will have been established by the end of August. Mr Fussell says losses there have been in line with expectations and the company's business model.

Flight Centre is already Australia and New Zealand's largest retail travel agency with about 20% market share, and believes it has the ability to grow into the world's most successful retail travel agency.

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