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Webjet today announced
 
• A reduction in loss of 32% (compared with 2002/2003)
• A reduction in operating cash use of 50% (compared with 2002/2003)
• An estimated increase in gross transaction values for July and August 2004 of approximately 90% (compared with July and August 2003)

Commenting, Webjet’s Managing Director David Clarke said:

“the nett loss for the year of $1.14M represents a significant reduction of 32% on the previous year’s figure of $1.684M and is after fully expensing operating costs associated with the introduction of the Travel Services Aggregator (TSA) in January 2004 and an increase in advertising expenditure for the June half of 2004, of approximately $220,000 relative to the half year ended 31 December 2003.

The result of the increase in marketing activity following the successful introduction of the TSA, has been a strong escalation of gross transaction values leading to an estimated 90% increase for the first two months of the new financial year compared to July and August 2003.

Whilst no forecast can be reliably made at this time, the increase as foreshadowed to the market on 22 June and again on 5 July 2004 has been strongly sustained:

Sales have effectively doubled over the last four months.

During the year we were also able to reduce operating cash use by approximately 50%.

Over the next quarter Webjet will be introducing a range of technology enhancements leading to a deeper range of consumer product offerings. This will include: 
• A major extension of Last Minute hotel deals in Australia
• The introduction of automatic packaging which will bring together the domestic air aggregation in the TSA with Australian domestic hotel best buys and as a result offer our customers additional convenience and value.”

Full 4e filing may be accessed on the ASX site or under Investor Relations