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Web Travel Group flags $90M share buyback
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Web Travel Group flags $90M share buyback

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·       Web Travel Group announced an on-market share buyback of up to $90 million alongside its first-half financial guidance.

·     The company expects first-half underlying EBITDA of between $86 million despite currency headwinds.

·       Management stated that operational efficiency and capital strength support long-term growth and shareholder returns.

Web Travel Group (ASX:WEB) announced an on-market share buyback worth up to $90 million alongside its first-half guidance.

The company expects its WebBeds margin to reach 6.7%, up from 6.5% last year.

"Our WebBeds business continues to deliver TTV growth with enhanced margin," said Web Travel Group Managing Director John Guscic.

The company stated that underlying earnings will reach $86 million despite 9% currency headwinds.

Following the announcement, the Web Travel Group share price was up at $3.15.

The proposed buyback follows the redemption of convertible notes in April, which strengthened the company's liquidity position.

Web Travel Group will provide a full trading update at its annual general meeting on Aug. 27.

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