Home » News » Helloworld praises its ‘trusted advisors’ for its $54.7m turnaround

28 August, 2023

Helloworld praises its ‘trusted advisors’ for its $54.7m turnaround

Helloworld has hailed the ‘rise of the trusted advisor’ as it reported an underlying profit of $44.1 million in FY23, a massive turnaround from its $10.6m loss in FY22.

The company reported its net profit after tax of $19.2m, total revenue of $165.9m and a total transactional value (TTV) of $2.57b. The company will pay a fully franked dividend of six cents per share.

Alongside its advisors, Helloworld has attributed its sharp turnaround to strong demand from travellers, the removal of border restrictions and increasing supply and capacity. The company also cited its expanding product portfolio and leading proprietary systems in facilitating its return to profit.

“Following the most challenging time in the travel industry, Helloworld has gone from strength to strength, delivering multiple profit upgrades and continuing to support our network members and customers,” Andrew Burnes, AO, Helloworld chief executive officer and managing director said.

Andrew Burnes, Helloworld chief executive officer and managing director

Contributing to Helloworld’s success this year was its 130 per cent growth in its wholesale and destination management business compared to the previous financial year, strong demand for the services of its agents and broker network members and its string of acquisitions.

Among those acquisitions include a 34 per cent stake in Australiareiser Group, the complete purchase of Express Travel Group and a 40 per cent stake in Phil Hoffmann Travel.

“Helloworld made several acquisitions during FY23 which will continue to support our growth into the future, and we have utilised our strong liquidity position to minimise dilution,” Burnes said.

“Throughout the pandemic Helloworld invested in technology and is continuing to invest to support our stakeholders and drive process improvement. This investment, together with our dedicated Helloworld team, network members, suppliers, and partners, will enable ongoing improvement to Helloworld’s profitability.”

Going forward, Helloworld is predicting an increase to its underlying profit of $20-26m for FY24 and sees it returning to FY19 levels by the end of FY25, assuming there is an increase in airline capacity.

Advertise with us

Email the Travel Weekly team at traveldesk@travelweekly.com.au

Andrew Burnes helloworld travel