Webjet Limited - FY24 Results: A Record Result.

Webjet Limited (ASX:WEB) today announced its financial results for the 12 months to 31 March 2024, delivering a record result.

Webjet Limited (ASX:WEB) today announced its financial results for the 12 months to 31 March 2024, delivering a record result. FY24 underlying EBITDA $188.1 million; underlying NPAT $128.4 million and record results with Bookings, TTV, Revenue and EBITDA all materially ahead of FY23; and a strong start to FY25 trading and earnings.

Group delivers underlying FY24 EBITDA of $188.1 million, an increase of 40% over FY23 - Bookings up 21% to 8.7 million; TTV up 29% to $5.6 billion; Revenue up 29% to $471.5 million.

WebBeds TTV at $4.0 billion and all key metrics significantly ahead of FY23 levels - Booking volumes 26% higher than FY23; FY24 EBITDA $162.4 million (up 39% on FY23); EBITDA margin 49.5%

Webjet OTA continues to see material increase in international market share - strong growth over FY23 for all key metrics; FY24 EBITDA $54.2 million (up 25% on FY23); EBITDA margin at record levels (44.7%)

Strong capital position - $116 million cash generated in the period; $630 million Total Cash

Strong start to FY25 trading and earnings

Key metrics.

FY24 saw Webjet Limited's Bookings, Total Transaction Value (TTV), Revenue, and earnings before interest tax depreciation and amortisation (EBITDA) all up materially compared to the same period last year.

FY24 Key Metrics - EBITDA up 40% over FY23, Bookings up 21% to 8.7 million; TTV up 29% to $5.6 billion & Revenue up 29% to $471.5 million. (AUD)

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

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

'FY24 was a fantastic year for the Company with record earnings that were well ahead of last year.

The key driver was the performance of our WebBeds business which continues to go from strength to strength. All metrics are at record levels. TTV is now $4 billion, an incredible 42% uplift compared to last year while EBITDA was up 39%. WebBeds has become more significant to our hotel partners and travel buyer customers, selling more product to more customers in more geographies. And we believe there is much more to come. Our key focus going forward is on delivering our $10 billion TTV target in FY30. We have a strong track record of delivering organic growth and believe we can grow at least twice the underlying market by focusing on our three pillars of growth - growing our existing portfolio of travel buyers, hotel partners and suppliers; targeting new customers, securing new supply and entering new markets; and continuing to improve conversion rate in order to sell more of what we have to everyone. The initiatives outlined at our recent Strategy Day are starting to deliver. WebBeds has had an incredible start to FY25. In the first 7 weeks of trading, both Bookings and TTV are up circa 35% compared to the same period last year. We are targeting $5 billion TTV for FY25 and are currently tracking ahead of that target.

Webjet OTA continued to see strong growth in the international flights market as capacity returns and Trip Ninja technology is rolled out. International market share has increased 33% since the pandemic and 14% in the last 12 months. EBITDA improved 25% during the year which is a remarkable result in challenging conditions where airfares are falling and commission structures for international flight bookings have diminished. FY24 EBITDA margins are truly best-in-class and the margin expansion this year reflects the exceptional efforts of the Webjet OTA leadership team in relentlessly searching for innovative revenue opportunities to ameliorate the prevailing market conditions. Trading for the first 7 weeks of FY25 has been subdued reflecting cost of living pressures. Notwithstanding those pressures, Webjet OTA has seen increased earnings year over year. Webjet OTA is a market leader in the OTA sector and continues to propel itself forward gaining market share particularly in the attractive international flights market and we believe we can continue to materially increase our share.

In transforming WebBeds and increasing Webjet OTA's market share we have delivered what we set out to do in the post pandemic recovery. We are confident that demand for travel will continue to grow and are excited for the opportunities ahead for both businesses.'

Further information on FY24 performance is set out in Webjet Limited's FY24 Investor Presentation.

The Company will provide a further trading update at its AGM scheduled to be held on 29 August 2024.

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

For further information.

Investors.

Carolyn Mole

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Media.

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