Flight Centre: take off delayed

Flight Centre (ASX: FLT) announced a downgrade to its forecast profit guidance on Monday. The company said it now expects full year underlying profit before tax (PBT) to be down approximately 2% to 5% on last year’s result of $366.3 million, which is below the initial guidance of a 4% to 8% underlying PBT growth for FY2016. FLT shares descended following the announcement, and closed down 11% for the week. We do not own FLT in the investment portfolio.