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Webjet Releases Chair Address and MD Presentation

22 Oct 2020  |  16:58:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Chair address and MD presentation

Webjet released chairman and MD address advising on financial results, restructuring strategy, recapitalisation and recovery and more. The Co. recorded FY20 first half result and provided full year guidance of $162-172m of EBITDA. At the time, when COVID-19 was emerging from Asia, the travel industry's previous experience with SARS and MERS pointed to a six-month recovery period. The Co's first half record profits quickly became a memory as borders were closed from March, and the gains of the first half were erased. Full year FY20 TTV was down 21% on the prior year at $3.0bn, revenue was down 27% to $266.1m and EBITDA for underlying operations was down 80% to $26.4m. In April 2020 the Co. completed a $346m placement and accelerated pro-rata, non-renounceable entitlement offer.

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