Australia's Flight Centre Travel surges on exiting Pedal Group JV

Flight Centre Travel

08/04/2026 06:19

** Shares of Flight Centre Travel FLT.AX gain as much as 10% to A$12.2, their highest level since March 10

** Stock posts largest intraday pct jump since early February 2023

** Travel retailer enters into binding agreement to divest its shareholding in the Pedal Group cycle joint venture to the Turner Collective

** Says deal values co's around 47% stake in JV at A$61.7 million ($43.60 million)

** Pedal Group consists of 99 Bikes retail chain and wholesaler Advance Traders Australia

** Says co to recognise a one-off gain on divestment completion

** Stock down 20.3% YTD, including the day's moves

($1 = 1.4152 Australian dollars)

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))