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Webjet FY profit more than doubles to $52m

AAP  |  31 Aug 2017Text size  Decrease  Increase  |  

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SYDNEY - [AAP] Online travel booking business Webjet (ASX: WEB) has more than doubled its full-year profit to $52.4 million, helped by strong bookings growth and integration of its Online Republic acquisition.

Revenue for the year to June 30 was up 35 per cent to $210.2 million.

"I am delighted with the outstanding performance from both our B2C and WebBeds B2B divisions during the year," managing director John Guscic said.

Webjet said flights bookings were up 12.7 per cent during the year, more than six times the underlying market growth, with the company continuing to gain market share in both domestic and international flight markets.

Package bookings were up 38 per cent, although hotel bookings were down 21 per cent in line with a strategic decision to focus on flights and packages.

Last year's acquisition of New Zealand travel booking website Online Republic boosted earnings by 25 per cent in in the 2017 financial year, Webjet said.

The company said it had resolved a previously-flagged accounting dispute with its auditor and the full-year numbers reflected the treatment recommended by the auditor.

Webjet said it was focused on growing market share in each of the markets in which it operated.

It wants to lift its business-to-customer segment bookings by more than three times the underlying market growth within three years and its business-to-business segment by more than five times.

The company will pay a fully franked final dividend of 10 cents a share, up from 8 cents a year ago.

WEBJET PROFITS SOAR:

* Full-year net profit of $52.4m vs $21.3m

*Revenue up 35pct to $234.9m

*Fully franked final dividend of 10 cents a share vs 8.0 cents

 

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