Helloworld reports $1 million loss for 1H FY2016
Helloworld Limited has just revealed a 409% increase in losses for the first half of the 2016 financial year compared to the corresponding period in FY15, but remains confident in a turnaround under new leadership, despite “challenging market conditions” which are expected to continue.
The travel company this morning reported a loss before tax of $1.0 million, down further from the $0.2 million loss the year prior.
Total Transaction Value during 1H increased 5.4% to $2.4 billion, with revenue flat at $139 million (-0.4%).
CEO and managing director Andrew Burnes said Helloworld will “continue to evolve, grow and generate returns for shareholders, for our agents and for our stakeholders”.
The period included the successful merger with the AOT Group, which Burnes owns with wife Cinzia Burnes.
“Post-merger, Helloworld is a company with a very strong business at the heart of the Group. We have continued to build on delivering value for our retail franchise and member agents and for the travelling public,” Andrew Burnes said.
“The focus on growing TTV and margin while continuing to deliver exemplary service and support is beginning to pay off,” he added.
The unaudited 1H EBITDA for the new acquired AOT Group is $11.2 million, up 24% on the prior comparative period.
Burnes added Helloworld’s immediate focus is “embedding the foundations for Helloworld’s long-term growth by maintaining our financial strength, and providing our network with the products, tools and technology they need to better serve their customers”.
See today’s issue of Travel Daily for additional details.