HLO rides the storm

HELLOWORLD Travel

Limited has reported a $70 million loss for the year to 30 June, but believes it is well positioned to flourish once the “perfect storm” of COVID-19 subsides. Heavy cost-cutting and the recent equity raising has given the company enough money for operating and capital expenditure beyond the end of 2022, even if international

We are confident that when they can travel, our customers will need the help of their travel professional more than ever Andrew Burnes, Helloworld CEO

travel demand remains low. A restructure of operations in New Zealand has seen staff numbers cut by 160, while the overall result was impacted by significant non- cash writedowns of the value of Helloworld’s wholesale and inbound operations as well as the book value of Traveledge which the company purchased just last October for $22.7 million. CEO Andrew Burnes said the last few months had been the most challenging period in the company’s history. However travel will return, he believes, noting “we are confident that when they can travel our customers will need the help of their travel professional more than ever”.