{"id":4586,"date":"2022-11-16T23:08:51","date_gmt":"2022-11-16T23:08:51","guid":{"rendered":"https:\/\/www.webbeds.com\/?p=4586"},"modified":"2022-11-16T23:18:26","modified_gmt":"2022-11-16T23:18:26","slug":"1h23-results-webjet-limited-returns-to-pre-pandemic-bookings-driven-by-webbeds","status":"publish","type":"post","link":"https:\/\/www.webbeds.com\/1h23-results-webjet-limited-returns-to-pre-pandemic-bookings-driven-by-webbeds\/","title":{"rendered":"1H23 Results – Webjet Limited returns to pre-pandemic bookings, driven by WebBeds."},"content":{"rendered":"

Webjet Limited, WebBeds parent company, today announced its financial results for the first half of FY23, with WebBeds global performance driving the Groups\u2019 result – exceeding pre-pandemic booking levels since May 2022.<\/span><\/h3>\n

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1H23 Performance.<\/span><\/strong><\/span><\/h5>\n\n\n\n\n\n\n\n\n
Webjet Limited Group<\/strong><\/span><\/td>\n<\/tr>\n
\u00a0<\/strong><\/td>\n1H23<\/strong><\/td>\n1H22<\/strong><\/td>\n% pre-pandemic <\/strong>levels <\/strong>(1)<\/sup><\/td>\n<\/tr>\n
Bookings<\/strong><\/td>\n3.4 million<\/td>\nUp<\/span><\/strong> 137%<\/td>\n101%<\/td>\n<\/tr>\n
TTV<\/strong><\/td>\n$2,143 million<\/td>\nUp<\/strong><\/span> 223%<\/td>\n90%<\/td>\n<\/tr>\n
Revenue<\/strong><\/td>\n$175.7 million<\/td>\nUp<\/strong><\/span> 217%<\/td>\n77%<\/td>\n<\/tr>\n
Underlying EBITDA<\/strong><\/td>\n$72.5 million<\/td>\nUp<\/strong><\/span> 557%<\/td>\n69%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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Commenting on the result, Webjet Limited\u2019s Managing Director John Guscic said:<\/p>\n

\u201cThis result demonstrates a spectacular turnaround of $88.4 million in underlying EBITDA from the 1H22 loss of $15.9 million. It underpins the efforts we took as soon as the pandemic hit to ensure each business was optimally positioned to recapture demand once travel returned. Recovery is substantially accelerating and WebBeds is leading the charge.<\/span><\/strong> All WebBeds regions saw significant organic growth, particularly Europe which benefited from a strong northern hemisphere summer, and North America which is now more than three times larger than it was when the pandemic began. Search activity and conversions through the WebBeds platform continue to increase, and EBITDA margins are now higher than they were pre-pandemic. Despite a number of large markets yet to open, since May 2022 WebBeds bookings have exceeded what they were before the pandemic hit and profitability is getting close to pre-pandemic levels.\u201d<\/em><\/p>\n

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WebBeds 1H23 Trading.<\/span><\/strong><\/h5>\n

WebBeds global performance has been driving the Groups\u2019 result<\/strong>, with 1H23 EBITDA $63.7 million (87% of pre-pandemic levels) and $68.6 million on a constant currency basis (94% pre-pandemic levels), EBITDA margin over 55%, and an achieved profitability target in seasonal peak (July and August).<\/p>\n

Recovery continues to accelerate, with bookings exceeding pre-pandemic levels since May 2022, and significant organic growth – with several key large markets yet to open.<\/p>\n

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* 3Q23 represents actuals to date for 01 Oct 22 to\u00a013 Nov 2022<\/h6>\n

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Webjet Limited Capital Position.<\/strong><\/span><\/h5>\n

Strong cash management and business performance during the 1H23 period:<\/p>\n