Webjet Limited generated $144 million in cash earnings during the first half, but is still taking a cautious approach to shareholder returns.
The company had been historically generous with dividends before the COVID-19 pandemic, sharing 50 to 60 per cent of profits, but won't resume dividend payouts just yet despite $634 million in the bank when the first half closed on September 30.
A decision on the outlook for future dividends will follow when its 2023/24 results are released in May, Webjet said on Wednesday.
It is expecting $180 million to $190 million in earnings before interest, tax, depreciation and amortisation (EBITDA) for the full year, the company said.
During the six months to September 30, customers booked $2.9 billion worth of travel and hotel rooms on the group's platforms, up 35 per cent from a year ago.
Revenue for the half was up 39 per cent to $244.5 million, with EBITDA rising 41 per cent to $102.1 million.
The webjet.com.au platform had an 8.6 per cent market share of all Australian travel bookings, up 54 per cent from before the COVID-19 pandemic, the company said.
Webjet managing director John Guscic said WebBeds, its global marketplace for the travel trade, delivered outstanding performance during the half.
"We've broadened our distribution base, expanded our global presence and introduced new product innovations," he said.
RBC Capital Markets analyst Wei-Weng Chen said it was a strong first-half result for Webjet, with revenue and transaction volume coming in ahead of consensus.
The cash balance suggests the company is in a very strong position to deliver a meaningful capital management initiative, Mr Chen added.
Late Wednesday afternoon, Webjet shares were up 0.9 per cent to $6.67.
