Travel group's makeover comes at a cost

The company formerly known as Jetset Travelworld has posted a half year loss because of the cost of its major overhaul.

The costs of a massive overhaul by the company formerly known as Jetset Travelworld have contributed to a $4.7 million half year loss.

Now known as Helloworld, the company spent $9.1 million on its transformation, and recorded a loss of $5.4 million on the sale of several businesses.

Its transactions totalled $2.52 billion in the six months to December, up one per cent on the same period a year earlier.

Helloworld expects to incur further transformation costs of between $7 million and $9 million in the second half of the financial year.

The changes are expected to cost between $35 million anf $40 million in total, and forecast to be implemented by December 31, 2014.