For the first time ever, Flight Centre (FLT) has recorded a net profit after tax of over $200 million and comfortably exceeded its annual targets, above upgraded guidance levels.

The travel agency group reported profits before tax of $290.4 million for the year ending 30 June 2012.

This figure was 36.3 percent greater than the previous year’s results.

Diversity within the travel sector has encouraged profitability, according to Flight Centre managing director Graham Turner.

“Both our retail and corporate travel businesses are now among the largest businesses of their kind in the world, which means we do not rely solely on one travel sector,” Mr Turner said.

“Both sectors grew during 2011/2012 but corporate growth was stronger as we consolidated our position as Australia’s largest corporate travel manager and won market-share globally."

Flight Centre’s overseas businesses accounted for more than $60 million of total earnings.

The outlook for 2012/2013 is positive; with 1000 new staff expected to be employed and a profit before tax target of between $305 million and $315 million.

“If achieved, growth of this magnitude will represent a solid achievement for a business of our size, given the economic uncertainty,” Mr Turner said.

Considering the global economic situation remains relatively unstable and unpredictable, Mr Turner believes Flight Centre has developed sound practices to improve performance.

“While we cannot control or predict future trading conditions, we see genuine improvement opportunities within our business and strategies are in place globally to help us capitalise,” Mr Turner said.

“Several key initiatives are underway, as part of a five-year plan to transform the business.”