JTG anticipates flat first half

JTG anticipates flat first half
By admin


Jetset Travelworld expects to finish the first half of its financial year with profits before tax “largely in line” with the same period last year as market conditions remain relatively unchanged.

Speaking at the firm’s annual general meeting, chairman Tom Dery said preliminary results for the four months to October 31 indicate a flat result for the first half, excluding “non-recurring items” such as the $2.4 million cost of its ongoing strategic review and the $800,000 retirement of former chief executive Peter Lacaze.

“Market conditions have remained largely consistent with the trends experienced in the last financial year,” Dery said.

“The leisure market in Australia has experienced low growth levels due largely to the decline in average selling prices.”

He revealed an estimated 10% decrease in group total transaction value, driven in part by declining government volumes through travel management arm QBT. But he said the decline has been “largely offset” by improved revenue margins and a 9% reduction in costs following the restructure announced in June 2012.

“The board is pleased with the progress that the recently appointed chief executive Rob Gurney is making with the strategic review, which is expected to be completed in the first quarter of 2013,”
Dery added.

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