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Webjet takes a financial hit from Thomas Cook collapse
Australian travel firm Webjet expects to take a $150-200 million revenue hit due to the collapse of British travel group Thomas Cook.
Webjet is currently owed about 27 million euros, which would be flagged as ‘a one-off expense to the income statement.’
Furthermore, the company said there is no financial impact on the more than 3,000 hotel contracts Webjet took over from Thomas Cook, which are wholly owned by its WebBeds division.
Overall, Webjet said the demise of Thomas Cook will cost it about $7 million in forward earnings.
Meanwhile Qantas has been asked to help with repatriating some stranding passengers and is ‘assessing what help we may be able to provide’ a Qantas spokesperson said.
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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