Holiday accommodation bookings are soft despite a rebound in consumer confidence, online travel group Wotif.com says.
Addressing his first annual general meeting as managing director, Scott Blume told shareholders a change of government in Australia had failed to translate into sales, even though a leading consumer sentiment reading has been in positive territory for two straight months.
"The overall Australia and New Zealand retail trading environment remains soft," he said in Brisbane.
"We have not seen any accommodation booking uplift post the federal election."
Mr Blume said Wotif.com's Asian businesses were also continuing to underperform.
"Any turnaround is unlikely until the second half of the current fiscal year, after the implementation of the Asian marketing plan and Australian outbound initiatives," he said.
Chairman Dick McIlwain said growth was slowing in its Asian businesses.
"The end of an era of double-digit growth in accommodation bookings marks a turning point in the development of Wotif," he said.
Mr Blume said Wotif.com would be unable to provide earnings guidance "given the number of key projects under way" but promised forecasts would be issued with the first half results next year.
Wotif's net profit fell 12 per cent during the last financial year to $51 million.
Its shares closed three cents weaker at $4.64 even though the broader Australian share market touched fresh five-year highs on Monday.
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