Flight Centre Travel Group (ASX:FLT) - Managing Director, Graham Turner
Managing Director, Graham Turner
Source: Sydney Morning Herald
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  • Executives behind embattled travel stock Flight Centre (FLT) have called on Australia’s state leaders to ease border restrictions at the company’s AGM
  • Managing Director Graham Turner spoke to investors on Thursday morning, claiming the business had seen “significant uplift” in travel demand across both domestic and international circles
  • But the Flight Centre leader also criticised state governments for keeping travellers at home, citing a “decision-making paralysis” around border reopenings in Queensland
  • It comes after Flight Centre posted an $849 million loss in its FY20 results — something which contributed to the toughest operating conditions in FLT’s 40-year history
  • Looking ahead, the travel stock says it’s unable to provide concrete financial guidance while the timeframe for border reopenings remained ambiguous
  • Following today’s AGM presentation, FLT shares soared 4.64 per cent to trade for $13.53

Executives behind embattled travel stock Flight Centre (FLT) have called on Australia’s state leaders to ease border restrictions at the company’s AGM.

Managing Director Graham Turner spoke to investors on Thursday morning, claiming the business had seen “significant uplift” in travel demand across both domestic and international circles.

But the Flight Centre leader also criticised state governments for keeping travellers at home, citing a “decision-making paralysis” around border reopenings in Queensland.

Graham said his company did “question the need to delay reopenings, given the very low level of community transmission throughout Australia and the devastating impacts closures are having on society, particularly families, and the broader economy.”

“While the recovery timeframe is unclear, I am optimistic that travel’s medium-term outlook is fairly bright, particularly if there’s an effective vaccine late this calendar year or early in 2021,” he continued.

FLT Chair Gary Smith echoed the MD’s comments, stating this year had been the most challenging and eventful trading period the business had ever encountered.

“While trading conditions remain uncertain, we are well equipped to meet the challenges we expect to face in the near-term and to prosper in the longer term once things return to some semblance of normality,” he said today.

It comes after Flight Centre posted an $849 million loss in its FY20 results — something which contributed to the toughest operating conditions in FLT’s 40-year history.

Looking ahead, the travel stock says it’s unable to provide concrete financial guidance while the timeframe for border reopenings remained ambiguous.

Last week, the Queensland and WA governments made announcements about when it would ease some of its hard border restrictions, while NSW declared it would open to Victorians from November 23.

Following today’s AGM presentation, FLT shares soared 4.64 per cent on the ASX. Company stock is worth $13.53 at 3:13 pm AEDT.

FLT by the numbers
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