Jetset Travelworld Group has released its preliminary financial results for the year to 30 June 2011, announcing a profit after tax of AU$19.2 million dollars, an increase of 214 per cent on the year before.
Underlying EBITDAI (earnings before interest, tax, depreciation, amortisation and impairment) for the group rose 26 per cent to $54.9 million, whilst Total Transaction Value for the group increased by 6 per cent to $5.8 billion.
JTG chief executive Peter Lacaze called the outcome an “excellent financial result” for the group, highlighting a strong second half of the year which saw profit before tax of $24.3 million, up $17.9 million on the first half.
According to the JTG boss, the performance reflected the benefits of the merger of Jetset Travelworld and Stella Travel Services, an integration that had “proceeded smoothly” and had “exceeded” expectations.
“The merged Group has created a solid foundation for future growth,” Mr Lacaze said.
The outcome reflects nine months of trading for the merged Group and provides a comparison as if the merger had occurred on 01 July 2009 with 12 months trading for each business included.
Despite consumer markets remaining “unsettled due to a variety of economic circumstances”, Mr Lacaze said demand for travel was expected to continue to grow.
“Our forecasts indicate that demand for domestic and outbound travel in Australia is anticipated to grow by 5 per cent over the next twelve months,” he said.
Source = e-Travel Blackboard: M.H