Flight Centre flags $500m hole in full year results

Flight Centre has temporarily suspended its dividends as it flagged a larger than expected underlying loss of around $500 million in its full year results.

“Nothing is certain in this market except… we will not be paying a dividend in 2022,” said Flight Centre managing director Graham Turner.

“We feel we’re in a reasonable space considering the difficulty of the travel and tourism market… but it’s going to be a reasonably long road back.”

The $500 million blow out in its full year results was worse than expected with analysts forecasting a loss of around $355 million.

Turner said he hoped to see travel becoming possible between the US, Europe and UK for anyone who has been fully vaccinated over the coming months.