FY23 Results: Organic Growth Drives Record Bookings & TTV.

Webjet Limited (ASX: WEB) today announced its financial results for FY23, with organic growth driving record Bookings and TTV, an underlying EBITDA of $134.8 million and underlying NPAT of $69.9 million. Group Bookings, TTV, Revenue and EBITDA for 2H23 all ahead of pre pandemic levels, driven by WebBeds.

Key metrics up compared to the same period last year.

FY23 saw Webjet Limited Bookings, Total Transaction Value (TTV), Revenue, and earnings before interest tax depreciation and amortisation (EBITDA) all up significantly compared to the same period last year. FY23 Group Bookings and TTV were ahead of pre pandemic levels. In the second half of FY23, Group Bookings, TTV, Revenue and EBITDA all exceeded the same period pre pandemic.

Key Metrics - Bookings, TTV, Revenue and EBITDA all up significantly compared to the same period last year.

He continued...

“Even though travel has yet to fully return to what it was, in the second half of FY23 we saw Group Bookings, TTV, Revenue and EBITDA all ahead of where they were when the pandemic hit. This reflects all the efforts we took to make sure we would not only recapture demand when travel returned, but also further accelerate our growth profile.

The key driver of these results has been the outstanding performance of the WebBeds business. Executing against our transformation strategy is paying off - we have retooled that business, streamlined the technology platform, eliminated inefficiencies and found ways to service markets that had not previously been open to us. WebBeds is now selling more product to more customers and is more profitable than it ever has been - and this is just the beginning. In transforming WebBeds, a number of attractive and highly profitable opportunities are now open to us. By continuing to find ways to get closer to our supply partners and better understand client preferences, in the longer term we believe WebBeds can deliver $10 Billion TTV while continuing to deliver best-in-class EBITDA margins.

Both B2C businesses – Webjet OTA and GoSee – continue to be impacted by external factors, specifically airline capacity constraints and subdued demand due to resulting higher prices but are well placed to deliver growth once international capacity returns to 2019 levels. Webjet OTA has maintained the significant market share gains it has seen in the domestic flights market and we are now seeing material uplift in international share as capacity starts to come back. We are particularly excited about the opportunities we see for Webjet OTA in the international flights market. Lower commissions have reduced the number of competitors and we believe Trip Ninja will be a key building block to continuing international growth. Still in the early stages of being rolled out, Trip Ninja technology is already providing our customers a real price advantage for international multi-stop itineraries.

We are confident GoSee will exceed pre-pandemic profitability in the medium term. Until then we are investing in building team capabilities and world class scalable technology to pursue growth once airline capacity is fully restored and motorhome supply levels return to normal.

We have seen a strong start to FY24. For the first seven weeks of trading, WebBeds Bookings and TTV are more than 35% and 40% higher respectively than for the same period last year. Webjet OTA is also delivering a solid performance with Bookings and TTV up more than 10% and 30% on the prior year. GoSee’s Bookings and TTV are up more than 15% and 5%.

There is still widespread uncertainty in the global economy but we have never been more excited for our future. Momentum in the WebBeds business is accelerating, Webjet OTA has significant international potential, and GoSee is laying the foundations to pursue growth in the global motorhome and car rental markets.”

The Company will provide a further trading update at its AGM scheduled to be held on 31 August 2023. 

This announcement has been approved for release to the ASX by the Board of Directors.

For further information.

Investors.
Please contact Carolyn Mole at investor@webjetlimited.com 

Media.
Please contact the History Will Be Kind team at media@webjetlimited.com or call on (+61) 02 8046 4848