WEB Travel Group (WEB) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional landowners, confirmation of quorum, and published agenda; Managing Director's presentation outlined performance and strategy at the FY24 AGM on 29 August 2024.

• Introductions of board members, senior management, and audit partner from Deloitte.

• Meeting conducted in hybrid format, with instructions for in-person and online participation, questions, and voting.

Financial performance review

• Statutory net profit after tax reached AUD 72.7 million, up from AUD 14.5 million in the prior year.

• All key financial metrics reached record levels: bookings up 21% to 8.7 million, TTV up 29% to AUD 5.6 billion, revenue up 29% to AUD 472 million, and EBITDA up 40% over FY23.

• WebBeds achieved $4.0 billion TTV (up 42%), $327.9 million revenue (up 39%), and $162.4 million EBITDA (up 39%) over FY23.

• Webjet OTA bookings rose 5%, TTV up 6%, revenue up 12%, and EBITDA up 25% to AUD 54.2 million.

• Closing cash balance at AUD 630 million, up $116 million from March 2023; GoSee business EBITDA up 6% to AUD 1.7 million; strong cash conversion over 100%.

Strategic initiatives and plans

• Proposed demerger of B2C from Webjet Limited to create two independent ASX-listed companies, with EGM scheduled for 17 September.

• Roadmap set to deliver $10 billion TTV by FY30, with $5 billion targeted for FY25; B2B business targeting AUD 10 billion TTV by FY 2030.

• Continued investment in technology, including TripNinja integration, to enhance international and multi-stop trip performance.

• WebBeds focuses on growing existing portfolio, acquiring new customers and markets, and improving conversion efficiency.