Helloworld expects a $55m turnaround for FY23
Helloworld has upped its profit guidance for FY23, with the company expecting a $55 million turnaround from the previous financial year.
The travel distribution company is predicting an underlying earnings before interest, taxation, depreciation and amortisation (EBITDA) of $42-45m. This compares to an underlying EBITDA loss of $10.6m in FY22.
Total Transaction Value for Helloworld should exceed $2.56 billion for the full year, up from the previous year by 138 per cent, while the acquisition of Express Travel Group (ETG) should add an additional EBITDA of $11-12m in FY24.
Going forward, Helloworld said it is investing heavily in its technology platforms: Air Tickets, ResWorld, Mango and Ready Rooms. The company has transitioned over 800 agents from ETG ticketing systems to Helloworld ticketing systems over the last month.
Meanwhile, Ready Rooms, its B2B hotel booking engine, has expanded its product range and is expected to double TTV in FY24. Resworld, Helloworld’s agency mid-office system has now been rolled out across the Tasman and the company expects to roll it out in Europe in the second half of FY24.
Helloworld has no external borrowings and strong liquidity, with the ETG acquisition to be fully funded from existing cash reserves.
Leisure travel demand continues to hold up strongly on both sides of the Tasman and inbound arrivals to Australia and New Zealand continue to improve from western markets while demand across traditional Asian markets remains slow.
Helloworld expects to see this improve significantly in 2024.
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