WebBeds thrives in Webjet’s $134.8m FY23 result
Webjet revealed that it saw a sharp improvement across almost all its metrics during FY23 with an earnings before interest, debt, taxation and amortisation (EBITDA) of $134.8 million.
Driving the company was WebBeds, which accounted for $117.1m of its EBITDA and was 22 per cent ahead of pre-pandemic levels.
The OTA reported a strong cash position with $514 million in the bank as at 31 March 2023. Bookings are up 16 per cent from 2019 levels, its TTV was $4.35b and its revenue was $346.4m.
Roger Sharp, Webjet chair, commended the OTA’s resilience as it celebrated its 25th anniversary.
“Who would have thought that a scrappy B2C start-up would transform into the #2 global bedbank and the #1 Australasian OTA?” Sharp said.
“The last few years have of course been punctuated by a mid-life crisis caused entirely by matters outside of our control. Fortunately, at Webjet our team did not waste that crisis. We have re-engineered our businesses to scale better and deliver market share gains, and the results are now plain for all to see.
“Anyone who knows us well will understand that there is a competitive, hungry streak running through this organisation and that we want to be the #1 global bedbank, with a stretch goal of $10 billion in TTV. From where I sit today that target is not aspirational – it’s becoming inevitable.”
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