Webjet on high over doubling in profit

travel agency Webjet has more than doubled its full-year profit, helped by strong bookings growth and integration of its Online Republic buyout in New Zealand.

Revenue for the year to June was up 35 per cent to $210.2 million, the group revealed yesterday, while net profit clocked in at $52.4 million.

Posting the results, managing director John Guscic said he was “delighted with the outstanding performance” of Webjet’s consumer and WebBeds business-to-business divisions.

Flights bookings were up 12.7 per cent – more than six times the underlying market growth, the group said.

Webjet said it continued to gain market share in domestic and international flight markets. Package bookings were up 38 per cent, although hotel bookings were down 21 per cent in line with what the group said was a strategic decision to focus on flights and packages.

The buyout last year of New Zealand travel booking website Online Republic boosted earnings by 25 per cent, 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.

Shares in Webjet closed up 5.5 per cent yesterday at $11.91.