Webjet shares surged over 8% subsequent its solid 1H FY2023 results

Webjet Limited (ASX:WEB) has released its 1H FY2023 results for the period ended 30 September 2022. During the period, the Company witnessed growth in Webjet Bookings, Total Transaction Value (TTV), Revenue and EBITDA compared to the previous corresponding period (pcp).

• Bookings increased 137% to 3.4 million compared to 1H FY2022 and 101% compared to the pre-pandemic levels.
• Total transaction value increased 223% to AU$2,143 million on pcp and  90% compared to the pre-pandemic levels.
• Revenue improved 217% to AU$175.7 million compared to 1H FY2022 and 77% compared to the pre-pandemic levels.
• Underlying EBITDA was up 557% to AU$72.5 million on pcp and  69% compared to the pre-pandemic levels.

The Company pointed out that the WebBeds global performance fuelled 1H FY2023 results. Webjet OTA flights market share increased 57% since pandemic started.

Outlook:

WebBeds is on track to surpass pre-pandemic profitability in FY2023. The Company expects 2H 2023 EBITDA to exceed prepandemic levels by at least AU$10 million. Further, the Company expects 2H 2023 profitability for the B2C businesses (Webjet OTA and GoSee) are likely to be steady with 1H 2023 results, reflecting the macroeconomic environment. 

At AEDT 11:40 AM, WEB shares are trading at AU$6.095, up 8.451% from the previous close.  

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