Online travel booking business Webjet has more than doubled its full-year profit to $52 million, helped by strong bookings growth and integration of its Online Republic acquisition.
The company said flights bookings in the year to June were up 12.7 per cent on the prior year, more than six times the underlying market growth, as Webjet continued to gain market share in both domestic and international flight markets.
Package bookings were up 38 per cent, although hotel bookings were down 21 per cent in line with a strategic decision to focus on flights and packages.
Webjet's 2016 acquisition of New Zealand travel booking website Online Republic boosted earnings by 25 per cent, the company said.
Webjet said it was focused on growing market share in each of the markets in which it operates.
It wants to lift its business-to-customer segment bookings by more than three times the underlying market growth within three years, and its business-to-business segment by more than five times.
Webjet 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 shares gained 62 cents, or 5.5 per cent, to $11.91.
WEBJET'S PROFIT SOARS:
* Full-year net profit of $52.4m vs $21.3m
*Revenue up 52pct to $234.9m
*Fully franked final dividend up 2 cents to 10 cents
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