Webjet has returned to pre-pandemic bookings, among a number of other positive fiscal results for the first half of FY23.
The first half of the year saw Webjet’s bookings, total transaction value, revenue, and EBITDA all up significantly compared to the same period last year.
Group underlying EBITDA reached $72.5 million, while TTV was 90% of pre-pandemic levels, and Webjet’s cost base was 16% lower than prior to COVID-19.
WebBeds was the star performer for the group, with an EBITDA of $63.7 million (87% of pre-pandemic levels).
Overall, the division is set to exceed its pre-pandemic profitability for the 2023 fiscal year.
Webjet’s flagship ‘OTA’ division’s best result came from its “flights” vertical, with its market share up 57% since the pandemic began.
Overall, the OTA recorded an EBITDA of $21.4 million, with the domestic market driving its profitability.
The Group also generated a significant amount of cash in the first half of the year, returning $168 million from its general operations, and repaying $86 million of debt.
“Recovery is substantially accelerating and WebBeds is leading the charge,” Managing Director John Guscic declared.
“This result demonstrates a spectacular turnaround of $88.4 million in underlying EBITDA from the 1H22 loss of $15.9 million.
“It underpins the efforts we took as soon as the pandemic hit to ensure each business was optimally positioned to recapture demand once travel returned.”