Web Travel Lowers Expected Fiscal H1 Margins on FTI Group Collapse

MT Newswires Live10-14

Web Travel (ASX:WEB) lowered its total transaction value/revenue margin forecast for its WebBeds business in the fiscal first half ended September to 6.4% from 7% based on the travel firm's preliminary earnings results, according to a Monday filing with the Australian bourse.

The margin was affected by the collapse of the German travel firm FTI, which filed for bankruptcy, as well as the impact of the European football championship and the Paris Olympics, the filing said.

On the other hand, WebBeds' bookings jumped 22% and total transaction value increased 26% in the fiscal first half, compared with the previous corresponding period, the filing added.

Web Travel's results are slated for release on Nov. 20, per the filing.

Company shares plummeted 36% at market close on Monday, hitting their lowest since October 2020.

Price (AUD): $4.53, Change: $-2.5, Percent Change: -35.56%

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