Bookings, TTV and revenue all down but profit up slightly.
Webjet Group (WJL) has just released its results for the six months to 30 September, the first time its finances have been unveiled since it was demerged from the wider Webjet business, now trading separately as Web Travel Group.
Net profit after tax for the company was $9.2 million, up from a “representative” $9 million in the previous corresponding period prior to the demerger.
WJL CEO Katrina Barry said the result was “very pleasing and strong in the context of a challenged broader Australasian economy”, citing achievements including the demerger, inroads with a new Webjet OTA member program and a strategic review of the GoSee business.
Overall bookings declined 8% year-on-year to 783,712 for the six months, while TTV was also down 8% to $752 million. However a focus on higher margin products helped offset the soft domestic environment, Barry said.
Car bookings and motorhome rentals within GoSee remain impacted by subdued domestic flights and reduced long-haul inbound tourism, with a restructure of the division now under way.
More details in tomorrow’s issue of Travel Daily.