Founders Bill James and Geoff Harris have sold shares this week, although Skroo Turner has held on to his. For them it’s likely a good time with share double the Covid crash lows, but still a long way from pre pandemic levels. The trio still retain more than 20% of the shares.

This is a tough sector when we have been unable to travel, although they expect to see between 60% and 75% of pre-pandemic corporate travel return next financial year. I’m not so sure.

The company notes it hasn’t recorded “any notable disruptions due to Russia’s invasion of Ukraine.” Well ok, but there has been hardly any international travel, so that’s not surprising.

Unlike the return post SARS, which only impacted a small number of cities, I think this time it will be different. While there may be pent up demand, our habits have changed. For example, even though we are “back in the office” still many customer meetings are requested to be remote.

Incidentally, Flight Centre is currently the most shorted stock on the bourse. Maybe the shorters also think there is a tough road ahead.