Webjet CEO flags ‘challenging’ environment as Virgin cuts commissions
Webjet's CEO has indicated that the company is facing a challenging environment due to Virgin Australia's decision to cut commissions. This move is expected to reduce Webjet's revenue and comes amid broader economic pressures, including inflation and low consumer sentiment. The company has also reported a significant decline in earnings and is experiencing internal management challenges.
- ▪Virgin Australia has reduced the commissions it pays to Webjet, impacting the online travel agency's revenue.
- ▪Webjet's underlying pretax earnings fell to $28.1 million, down from $35 million the previous year.
- ▪CEO Katrina Barry announced her resignation amid these challenges and a 44 percent drop in Webjet's shares since the start of the year.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Sydney Morning Herald.