WebBeds comes to the rescue in Webjet’s strong FY23 results

WebBeds comes to the rescue in Webjet’s strong FY23 results
Edited by Travel Weekly


    Webjet bookings, total transaction value (TTV), revenue, and earnings before interest tax depreciation and amortisation (EBITDA) for FY23 are all up significantly compared to the same period last year.

    The company delivered an underlying FY23 EBITDA of $134.8 million, reflecting $150 million turnaround from FY22.

    WebBeds performed ahead of pre-pandemic levels on all key metrics for FY23 with momentum accelerating in 2H23. Its FY23 EBITDA of $117.1 million was 22 per cent ahead of pre-pandemic levels and its 2H23 EBITDA was 130 per cent ahead of pre pandemic levels.

    Webjet OTA saw strong rebound in international travel and continued to gain market share although high prices and capacity constraints subdued overall bookings. Webjet OTA reported an FY23 EBITDA of $43.4 million – 71 per cent of pre pandemic levels.

    GoSee’s profitability increased with an FY23 EBITDA of $1.6 million, up $4.6M over FY22. This continues to be impacted by lack of inbound tourism and supply chain issues in its largest markets.

    Webjet also revealed a strong cash position of $514 million cash as at 31 March 2023 after repaying $86 million bank debt.

    Webjet’s managing director John Guscic said the company has emerged from the pandemic better placed to deliver growth than even before.

    “Even though travel has yet to fully return to what it was, in the second half of FY23 we saw Group Bookings, TTV, Revenue and EBITDA all ahead of where they were when the pandemic hit. This reflects all the efforts we took to make sure we would not only recapture demand when travel returned, but also further accelerate our growth profile,” Gudcic said.

    “The key driver of these results has been the outstanding performance of the WebBeds business. Executing against our transformation strategy is paying off – we have retooled that business, streamlined the technology platform, eliminated inefficiencies and found ways to service markets that had not previously been open to us…

    “By continuing to find ways to get closer to our supply partners and better understand client preferences, in the longer term we believe WebBeds can deliver $10 Billion TTV while continuing to deliver best-in-class EBITDA margins.”

    Latest News

    • Destinations
    • News

    APT Launches 2025 Asia Adventures

    APT has launched its Asia Adventures for 2025, including new luxury holidays in India, Sri Lanka and Japan. Five new tours lead guests to the highlights of India, including a seven-night cruise along the rarely travelled Lower Ganges aboard the Ganges Voyager. Further south, Sri Lanka’s greatest destinations are revealed on a new 15-day Land […]

    • Cruise
    • Luxury
    • News

    Seabourn announces Western Kimberley Traditional Owners as Godparents of Seabourn Pursuit

    Seabourn has named Western Kimberley Traditional Owners, the Wunambal Gaambera, as Godparents of the ultra-luxury purpose-built Seabourn Pursuit. It is the first cruise line to appoint Traditional Owners as godparents of a ship. Seabourn Pursuit embarks on its inaugural season in the Kimberley region this June. The naming ceremony will take place on Seabourn Pursuit’s […]

    • Luxury

    Malolo Island Resort opens brand new Spa

    Fiji’s Malolo Island has added another string to its bow – opening its $1.3 million day spa on Thursday, 18th April 2024. (Lead Image: matriarch Rosie Whitton with spa staff) Located at the edge of the resort’s luscious patch of tropical rainforest, the new “Leilani’s Spa” adds another level of elevated experiences to Malolo’s already […]