17 Nov, 2022

1H23 Results: Webjet Limited Returns to Pre-Pandemic Bookings.

Webjet Limited (ASX:WEB) today announced its financial results for the first half of FY23, with WebBeds global performance driving the Groups’ result – exceeding pre-pandemic booking levels since May 2022.

Webjet Limited (ASX: WEB) today announced its financial results for the first half of FY23, with WebBeds global performance driving the group's result – exceeding pre-pandemic booking levels since May 2022.
  • Group Underlying EBITDA $72.5 million ($77.5 million on constant currency basis) – 1H23 Group Bookings back at pre-pandemic levels; TTV at 90% of pre-pandemic levels; cost base 16% lower than pre-pandemic levels
  • WebBeds global performance driving Group result – 1H23 EBITDA $63.7 million (87% of pre-pandemic levels) and $68.6 million on a constant currency basis (94% pre-pandemic levels); EBITDA margin over 55%, ahead of pre-pandemic levels; achieved ‘8/3/5’ profitability target in seasonal peak (July and August)
  • Webjet OTA flights market share up 57% since pandemic began – 1H23 EBITDA $21.4 million; domestic market driving profitability; EBITDA margin over 41%
  • GoSee profitable and rebrand going to plan – 1H23 EBITDA $0.6 million despite lack of inbound tourism and supply chain issues in its largest markets
  • Significant cash generation - $168 million cash from operations; repayment of $86 million term debt; return to normal covenant testing 6 months ahead of schedule
  • WebBeds on track to exceed pre-pandemic profitability for FY23

Key metrics

1H23 saw Webjet Limited's Bookings, Total Transaction Value (TTV), Revenue and earnings before interest tax depreciation and amortisation (EBITDA) all up significantly compared to the same period last year.

Key Metrics. Bookings, TTV, Revenue and EBITDA all up significantly compared to the same period last year.

“Recovery is substantially accelerating and WebBeds is leading the charge…”

Commenting on the result, Webjet Limited’s Managing Director John Guscic said:

“This result demonstrates a spectacular turnaround of $88.4 million in underlying EBITDA from the 1H22 loss of $15.9 million. It underpins the efforts we took as soon as the pandemic hit to ensure each business was optimally positioned to recapture demand once travel returned. Recovery is substantially accelerating and WebBeds is leading the charge. All WebBeds regions saw significant organic growth, particularly Europe which benefited from a strong northern hemisphere summer, and North America which is now more than three times larger than it was when the pandemic began. Search activity and conversions through the WebBeds platform continue to increase, and EBITDA margins are now higher than they were pre-pandemic. Despite a number of large markets yet to open, since May 2022 WebBeds bookings have exceeded what they were before the pandemic hit and profitability is getting close to pre-pandemic levels.”


WebBeds is on track to exceed pre-pandemic profitability in FY23, with 2H23 EBITDA expected to exceed pre-pandemic levels by at least $10 million. 2H23 profitability for the B2C businesses (Webjet OTA and GoSee) are expected to be consistent with 1H23 results, reflecting the macroeconomic environment.

Commenting on the outlook, John Guscic said:

“It is exciting to see the Company emerge from the pandemic more agile, more efficient and better placed to deliver growth than ever before.

The landscape has changed and there is massive global opportunity for WebBeds. WebBeds is no longer European summer centric – it is now a truly global business, picking up share in all regions, operating a single technology platform, and with the capability to scale rapidly. We believe these qualities overcome the current macroeconomic pressures. 3Q23 Bookings and TTV are currently tracking more than 30% ahead of pre-pandemic levels and FY23 EBITDA is expected to be higher than it was pre-pandemic.

Webjet OTA has been recognized as the “world’s leading online travel agent” 2 and has increased its market share by 57% since the pandemic began. Trip Ninja went live on the webjet.com.au site in October and we believe the technology offers enormous potential to increase our share of the international flights market. Demand for travel is strong and restoration of airline capacity will be the driver of pre-pandemic profitability for the Webjet OTA business.

The GoSee rebrand is progressing well and we are confident it will exceed pre-pandemic profitability in the medium term. Profitability for that business is highly linked to the reopening of international borders to inbound tourism.”

You can find all related documents on the ASX Releases page of our Investor Centre website, with some key documents and commentary below.

1H23 ASX Release

17 Nov, 2022

Half Year Financial Report

17 Nov, 2022

Investor Presentation

17 Nov, 2022

This announcement has been approved for release to the ASX by the Board of Directors.

For further information.

Please contact Carolyn Mole at investor@webjetlimited.com 

Please contact the History Will Be Kind team at media@webjetlimited.com or call on (+61) 02 8046 4848

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Webjet Limited is proud to support 40:40 Vision to achieve gender balance in senior leadership by 2030.

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