Travel.com.au posts $129,112 loss
An AAP report says that a stronger Australian dollar and increasing consumer confidence have boosted the financial performance of online travel agent travel.com.au Ltd, with the company forecasting even clearer skies for 2008.
The owner of travel booking site lastminute.com.au on Monday posted a net loss of $129,112 compared with a $655,000 loss in 2005/06, a lift of 80.3 per cent.
The company also reaffirmed its earnings guidance for the 2008 financial year, provided in June, saying it expected a rise in revenue of between 30 and 35 per cent.
Travel.com.au managing director Adam Johnson said high growth in the fourth quarter helped drive the result, with increased consumer confidence and a stronger local currency also factors in narrowing the loss.
“The result confirms (travel.com.au’s) market guidance provided earlier and reflects the particularly high growth experienced in Q4, overall benign trading conditions, and high consumer confidence coupled with a strong local currency conducive to international travel,” Mr Johnson said.
“Directors repeat their earlier advice that guidance for FY2008 will be targeted at 30 to 35 per cent revenue growth with the group’s earnings before interest depreciation and amortisation (EBITDA) to revenue margin increasing by 14 to 16 per cent by year end and continuing to improve thereafter as the company achieves further scale.”
Travel.com.au said growth had increased across all its business segments in the fourth quarter. “Q4 growth accelerated across all TVL (travel.com.au) segments, contributing a 20 per cent increase in gross annual revenue to $12 million,” it said.
The company’s revenue rose 20 per cent to $12.04 million in 2006/07.
Losses at the EBITDA line from lastminute.com.au business narrowed to $95,235 in 2006/07 compared with a loss of $250,697 in the previous year.
Revenue for lastminute.com.au, of which travel.com.au purchased last month the remaining 25.1 per cent it didn’t already own, grew by 19 per cent to $5.6 million.
Travel.com.au closed up two cents at 30 cents on Monday.
The Mole will be undertaking an exclusive interview with Adam Johnson today to explore his vision for the future in travel and also the future performance of travel.com.au – so watch this space later this week!
Report by The Mole
John Alwyn-Jones
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