Web Travel Group: Begins Demerged Journey From Wrong Side of the Bed

Web Travel's trading update for the first half of fiscal 2025, which ended September 2024, is weak. Revenue/total transaction value is projected to be 6.4% for WebBeds. This is down from management's guidance of around 7% given less than two months ago, and a far cry from the 8.3% achieved in first half fiscal 2024. The impact is magnified at the earnings level, with first-half EBITDA margins likely to be 44%. This is a big fall from the 50% level indicated at the Annual General Meeting in August and far below the 52.3% achieved a year ago.