Business
The Flight Centre (ASX:FLT) share price dropped 60% in 2020: Will 2021 be better?
The Flight Centre Travel Group Ltd (ASX: FLT) share price was well and truly out of form in 2020.
The travel agent giant’s shares were among the worst performers on the S&P/ASX 200 Index (ASX: XJO) with a whopping 60% decline.
Why did the Flight Centre share price crash lower in 2020?
Investors were of course selling the travel agent’s shares due to the negative impact the coronavirus pandemic was having on bookings.
With travel markets coming to a standstill at the height of the pandemic, Flight Centre was left generating next to no revenue and still had considerable operating costs to pay.
This led to the company having to undertake a material capital raising, which diluted shareholders, to give it the liquidity it needed…
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