Wotif flies to $29m record H1 profit

22 Feb 2012, 6:12 pm   -   Source: AAP
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Wotif Managing Director, Robbie Cook. (Wotif)

Wotif Managing Director, Robbie Cook. (Wotif)

Online travel booking company Wotif.com has produced a record first half profit of $28.8 million after expanding into flight bookings.

An expansion into flight bookings has paid off for online travel company Wotif.com Holdings, lifting its first half profit to record levels.

Wotif's net profit for the six months to December 31, 2011, was $28.8 million, up 14 per cent on $25.4 million in the previous corresponding period.

Managing director Robbie Cook said the company performed ahead of expectations despite the strength of the Australian dollar.

Wotif shares shot up 34 cents, or 8.2 per cent, to $4.45.

The company is still expanding into flight bookings, and now offers domestic and international tickets.

"Despite awareness levels for flights on Wotif being in their formative stages, we nonetheless sold flights worth $52 million - an impressive 23 per cent uplift," Mr Cook said in a statement on Wednesday.

"We achieved this without having yet embarked upon an active marketing campaign."

Accommodation remains Wotif's major source of revenue, with $539 million worth sold in the six months to December, up four per cent from the previous corresponding period.

December trading was particularly strong for accommodation bookings, and that performance was maintained through the peak holiday month of January, Mr Cook said.

Total revenue for the first half was $73.97 million, up four per cent on $71.02 million in the previous corresponding half.

A change in marketing activity resulted in a $1.82 million drop in costs in the first half.

Wotif declared a fully-franked interim dividend of 11.5 cents, up from 9.5 cents for the same period in the previous year.

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