Shares in Flight Centre Travel Group Ltd (ASX: FLT) hit a 52-week high on May 3 with a closing price of $58.69, dropping back slightly the time of writing to $58.47, but still miles ahead of its $32.61 share price at this time last year.
So why is Flight Centre dominating the S&P/ASX 200 travel stock sector at present?
Flight Centre impressed investors with strong first-half results back in February – reporting a strong cash position of $1.2 billion in investments, underlying profit before tax rise of 23.2% to $139.4 million and an upgrade of full year profit guidance.
But industry peer Webjet Limited (ASX: WEB) has been kicking its own goals in the peripheral, with Webjet shares up 0.3% to $11.54 today after a correction back from a February low of $9.40.
Webjet also reported strong first half results in February with revenues up 266% to hit close to $360 million as the company enjoyed the spoils of its UK-based tour supplier JacTravel which it only acquired in late 2017.
Another sector gainer is Corporate Travel Management Ltd (ASX: CTD), with shares at $25.34 at the time of writing after a price drop in April down to $21.79.
