Webjet shares plummet 8% as group delays financial results due to ‘technical’ issue

Webjet shares plummet 8% as group delays financial results due to ‘technical’ issue

Webjet Group Limited (WJL:ASX) has delayed the release of its 1H25 financial results due to “technical accounting considerations” caused by the “complexities” of the demerger of its B2B and B2C business.

In an ASX update, Webjet Group Limited – the B2C arm of the Webjet Group – said: “In the process of finalising the Company’s 1H25 results, the Company and its auditor, Deloitte, have become aware that, as a result of the significant complexities of the demerger transaction, additional time will be required to address technical accounting considerations.”

Webjet Group Limited went on to say that this will not impact underlying trading results or operations.

Webjet Group had initially been planning to release the results and host a webcast briefing today (20 November), however, both have now been postponed.

It expects to be able to deliver its half-year results by no later than 29 November 2024.

Trading for the B2B arm – WEB:ASX – has been suspended since the 18 November, after initially going into a trading halt.

In a further error, the notice of the delay was initially incorrectly headed with the date ’19th September 2024′ rather than ’19th November 2024′. The Group quickly sent a follow-up email noting the error.

“In Webjet Group Limited’s previous announcement regarding the delay in releasing its 1H25 results, there was a date error immediately under the heading. The date ’19 September 2024′ immediately under the heading should read ’19 November 2024′,” it said.

The financial markets have not responded well to the delay with Webjet Group Limited shares dropping by nearly 8 per cent this morning (20 November).

The demerger proposal was passed with a 97.56 per cent vote in September.

Feature image: From left, David Galt CEO of Webjet OTA; Katrina Barry CEO of Webjet Group; Don Clarke Webjet Founder.

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