Why Flight Centre Travel Group Ltd is the hottest travel stock on the ASX right now

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.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited and Flight Centre Travel Group Limited. The Motley Fool Australia has recommended Webjet Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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