{"id":3596,"date":"2022-05-19T21:00:23","date_gmt":"2022-05-19T21:00:23","guid":{"rendered":"https:\/\/www.webbeds.com\/?p=3596"},"modified":"2022-05-23T00:11:00","modified_gmt":"2022-05-23T00:11:00","slug":"webjet-limited-financial-results-for-fy22","status":"publish","type":"post","link":"https:\/\/www.webbeds.com\/webjet-limited-financial-results-for-fy22\/","title":{"rendered":"Webjet Limited Announces Financial Results for FY22."},"content":{"rendered":"
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FY22 saw the business turn around, delivering a profitable 2H22 driven by WebBeds and Webjet OTA. As revenues start to return, costs are materially lower than they were pre-pandemic, reflecting the significant efficiencies coming through, particularly in the WebBeds business. TTV and Revenue were up materially compared to the 12 months to 31 March 2021 (up 262% and 466% respectively) while Expenses were only up 7%. FY22 Underlying EBITDA loss of $15 million reflected a $103 million improvement compared to the 12 months to 31 March 2021.<\/p>\n
WebBeds was profitable for 2H22 driven by the North American and European markets. Webjet OTA was profitable for the whole year despite extensive lockdowns and border closures in 1H22, and the impact of the Omicron outbreak in 2H22. GoSee (formerly Online Republic) continued to be impacted by State and International border closures for most of the year.<\/p>\n
Commenting on the result, Webjet Limited\u2019s Managing Director John Guscic said:<\/strong><\/p>\n \u201cFY22 was a year of recovery. We are now cash flow positive, our two largest businesses returned to profitability and we are seeing markets rebound strongly as travel restrictions continue to ease. WebBeds returned to profitability in the second half. Our investment in North America is paying off with booking volumes for that business now already more than double what they were pre-pandemic, and all the work undertaken to drive efficiencies saw costs remain significantly below pre-pandemic levels. Webjet OTA was profitable for the full year despite widespread lockdowns, border closures and the impact of Omicron from December. Domestic bookings spiked as borders opened, reflecting Webjet OTA\u2019s strength in servicing the domestic leisure market, however international bookings have been subdued with airline capacity still well below pre-pandemic levels. Profitability for GoSee is highly linked to Australian and New Zealand international border openings and that business continued to be impacted by border closures for the majority of FY22, although we saw Cars TTV exceed pre-pandemic levels in March driven by domestic markets.<\/p>\n The year has also been one of incredible and unprecedented industry challenges consequent upon the chaotic changes in travel plans and restrictions which have put all travel industry service levels under enormous stress. We acknowledge the special cooperation of our global industry partners as we endeavour to minimise disruption. And we are particularly thankful for the flexibility and understanding of all our customers as Webjet Limited continues to add extra resources and processes to cater for markets that are now rebounding strongly.\u201d<\/p>\n For full details on Webjet Limited’s FY22 results, please visit:<\/strong><\/span> www.webjetlimited.com<\/a><\/p>\n <\/p>\n Download:<\/strong> Webjet Limited ASX Release<\/a><\/p>\n Download:<\/strong> Webjet Limited Company Review FY22 (PDF)<\/a><\/p>\n Download:<\/strong> FY22 Results – Managing Director’s Presentation (PDF)<\/a><\/p>\n View the Webcast:<\/strong> FY22 Results Briefing – Managing Director’s Presentation<\/a><\/p>\n <\/p>\n For further information:<\/strong><\/span><\/p>\n Investors<\/strong><\/p>\n Carolyn Mole<\/p>\n +61 3 9828 9754<\/p>\n carolyn.mole@webjetlimited.com<\/a><\/p>\n Media<\/strong><\/p>\n Please contact the History Will Be Kind team at Webjet@historywillbekind.com.au<\/a> or call on (+61) 02 8046 4848.<\/p>\n <\/p>\n <\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Webjet Limited returns to profit in 2H22, delivers positive cash flow. Strong… Read more »<\/a><\/p>\n","protected":false},"author":5,"featured_media":3633,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_wp_rev_ctl_limit":""},"categories":[23,4,5],"tags":[216,32,54,215],"acf":[],"yoast_head":"\n