Webjet Group Limited, the consumer travel business which demerged from Web Travel Group, has reported a modest 1% EBITDA growth in its first financial half-year report.
For the six months ending 30 Sep 2024, results reflected both the upheaval associated with the demerger and the true strength of its B2B WebBeds division.
Bookings and Total Transaction Value (TTV) were both down 8%, with overall revenue falling 1% to $72 million for the half-year, while net profit after tax climbed slightly to $9.2 million.
A total of 783,712 bookings were made, down from 847,737 for the prior corresponding period, revenue per booking was now higher than it was prior to the pandemic, with international fares making up 20% of total flight bookings.
The financial figures show the company maintains a healthy balance sheet, with more than $100 million in cash in the bank and that it expects to be in a position to pay dividends to shareholders in FY2026.
The company cited challenging macro-economic conditions impacting domestic airfare sales, with a focus on higher margin products key to its EBITDA growth.
Despite only launching onto the ASX as a solo entity two months ago, Web Travel Group said it elected to present its results with a prior corresponding period to ensure comparability “as if it has always operated independently”, meaning results were representative in nature.
“Our focus has been setting ourselves up for and laying the foundations for accelerating growth in the next few years,” Webjet Group Managing Director Katrina Barry said.
