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Webjet delivers strong growth across all business units

February 24, 2017 Financial No Comments Email Email

Webjet Limited today announced results for the 6 months to 31 December 2016.

Reported (includes Zuji and proceeds from sale of Zuji)

  • TTV up 28.8% to $1,025 million
  • Revenue up 68.8% to $124.5 million
  • EBITDA up 173.4% to $49.7 million
  • PBT up 174.0% to $42.5 million
  • NPAT up 268.7% to $39.4 million
  • EPS up 207.1% to 40.7 cents

Continuing operations (excludes Zuji)

  • TTV up 35.1% to $900 million
  • Revenue up 48.0% to $92.0 million
  • EBITDA up 68.4% to $30.6 million
  • PBT up 59.8% to $24.8 million
  • NPAT up 86.9% to $20.0 million
  • EPS up 56.0% to 20.6 cents

Commenting on the results, Webjet Limited’s Managing Director, John Guscic said:

“During the half, all businesses in both our digital retail (B2C) and digital wholesale (WebBeds B2B) divisions continued to experience strong organic bookings growth and market share growth.

The B2C division continues to benefit from the shifting of bookings online. Webjet has now reported 33 consecutive months of record TTV and continues to gain share with bookings growth again outperforming the market by more than 5 times. Online Republic is now fully integrated and delivered strong TTV and EBITDA growth. We are delighted with the business and excited about growth opportunities across all of its business units. The sale of Zuji was completed during the half, allowing us to focus on higher growth B2B opportunities in the Asian market.

The investment made last year to accelerate growth opportunities within the WebBeds division is delivering results with strong EBITDA growth coming through. Lots of Hotels continues to gain share and Lots of Hotels North America is now delivering TTV. Sunhotels has gained share in several new markets that offer substantial growth opportunities. The distribution agreement with Thomas Cook is on track, with TTV impact expected to start flowing through during the next financial year. Finally, the launch of FIT Ruums provides us with an entry into the important Asian B2B market and the business is already tracking ahead of Lots of Hotels at the same stage of its start-up in 2012.

All continuing businesses are currently exceeding expectations – they have gained scale and are in position to deliver superior EBITDA growth. Based on strong performance across all businesses year to date, we are today increasing our EBITDA guidance for FY17 to $80 million of which $61.1 million will come from continuing businesses, after expensing costs associated with the launch of FIT Ruums.”

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