Flight Centre Stock Takes a Pounding With Fallout From TV Report Lingering
Skift Take
Flight Centre founder Scroo Turner must be wondering what it takes to keep the market happy. His company reported revenue and profit growth, but still its shares were slashed, with traders wiping more than $50 million off its value.
Global travel agent Flight Centre Travel Group took a beating on the Australian stock market Monday as it tried to put a positive spin on its results at a Brisbane shareholders’ meeting.
The stock plunged 10 percent, from a day’s high of $36.64 (A$51.80) to close at $32.59 (A$46.08), after its Annual General Meeting featured predictions of lower profits for its Australian operations, which have traditionally provided the lion’s share of surpluses.
Founder and CEO Graham "Scroo" Turner told shareholders that changing market conditions, restructuring costs, staff wage negotiations, “and the associated disruption resulting from the ABC story, mean that Australian profit is currently down compared to the same period last year."
The travel giant wa
