Jetset Travelworld Group has seen its pre-tax profis rise 88% to $27.1 million as it claimed the implementation of its new Helloworld brand is “progressing well”.

The year to June 30 saw the groups’ adjusted EBITDA rise 8% to $54.5 million, with profit after tax up 203% to reach $16.5 million.

Chief executive Rob Gurney described it as a “very satisfying” outcome given JTG’s recent emphasis on its strategic review and transformation plan.

The improvement helped Gurney secure a cash bonus of $623,125 under the company's Short Term Incentive Plan (STIP) with chief financial officer Elizabeth Gaines picking up $599,467.

“The results for the year ended June 30 2013 reflect a continued focus by the Jetset Travelworld Group on margin management, cost reduction and efficiency measures in a market that continues to experience a decline in average selling prices across both domestic and international air product,” Gurney said.

Trading conditions improved in the second half of the year, he revealed, with TTV for the second half down 5% year on year as compared with an 11% decline in the first half.

The second half decline was largely due to the Travel Management segment’s 17.8% decrease in TTV as trading volumes transacted through accounts held with government agencies continued to shrink. Wholesale TTV also declined by 6.9%.

The financial results also took into account the $797,000 "retirement costs" of former chief executive Peter Lacaze and a VAT settlement of $606,000.

Meanwhile, Gurney revealed an “intense process of engagement” with franchisees and members is underway regarding its new Helloworld brand.

“The period of engagement is progressing well and we expect to commence store rebranding during October.”

The brand’s first stores and online platform are expected to launch during the second quarter of the 2014 financial year with the implementation to be completed over the next 12 to 18 months.

The project will see JTG invest between $35 million and $40 million, in addition to the $10.8 million already spent on the business transformation plan.

“We are ambitious in our goals to reshape the Australian travel industry and have embarked on a major transformation for the group,” Gurney said. ‘Over the next 18 months, we will focus on implementing the most substantial changes.”

Margin management and cost discipline will continue to be a priority but the business expects long-term value to be derived from the creation of a “high consumer-focused” network, consolidation of marketing spend and the capturing of growth through digital distribution. 

JTG's annual report also detailed the salaries and bonuses of its directors with Gurney taking home $1.55 million which comprised a "salary and fee" of $654,431 and a short term incentive plan (STIP) cash bonus of $623,125.

Chief operating officer and chief financial officer Elizabeth Gaines pocketed $574,329 in salaries and fees and a further $599,467 under the STIP.