Second half of FY22 reflects strong turnaround in OTA and WebBeds operations.
Webjet has just reported its financial results for the 12 months to 31 March 2022, with the figures showing a significant recovery from the depths of the COVID-19 pandemic.
The second half of the period was profitable, driven by demand within the WebBeds and Webjet OTA operations along with materially lower costs due to efficiencies introduced during the pandemic.
CEO John Guscic said the business was cash flow positive, with the overall group reporting $1.638 billion in TTV and $138 million in revenue for the full year. The statutory net profit after tax figure was a loss of $85 million, impacted by a $14 million write-off of the Online Republic brand, $18.2 million in “non-operating expenses” and $8.8 million in implementation costs for a WebBeds enterprise platform.
Webjet OTA was profitable for the whole year despite widespread lockdowns, border closures and the impact of Omicron. “Domestic bookings spiked as borders opened, reflecting Webjet OTA’s strength in servicing the domestic leisure market, however international bookings have been subdued with airline capacity still well below pre-pandemic levels,” Guscic said.
He said Webjet was “intent on capitalising on travel recovery and we see significant growth potential in all our businesses as travel markets reopen”.
More details in today’s issue of Travel Daily.